KUALA LUMPUR (Oct 28): Closed-end fund iCapital.biz Bhd slipped into the red in the first financial quarter ended Aug 31, 2015 (1QFY16), with a net loss of RM9.28 million or 6.63 sen loss per share compared with a net profit of RM2.17 million or 1.55 sen earnings per share in 1QFY15.

The company blamed the net loss on impairment loss of RM10.5 million on investment in Parkson Holdings Bhd.

Revenue for 1QFY16 fell 2.4% to RM3.44 million from RM3.53 million in 1QFY15.

In a filing with Bursa Malaysia today, iCapital.biz said its net asset value (NAV) per share as at Aug 31, 2015 also fell by 4.1% to RM2.78, compared with a NAV per share of RM2.90 as at May 31, 2015, due to declining market value of the investment.

On prospects, the company pointed to the unpredictable US monetary policy, over whether or not the US Federal Reserve will raise its interest hikes.

"The fundamental problem is no one knows what the US monetary policy is, what it will be, and despite all the claims about transparency and communications, how the policy is being conducted," it noted.

Despite this, the fund manager said it will always work hard and is continuously looking for attractively priced stocks to invest in.

iCapital.biz shares closed one sen or 0.44% higher at RM2.28 today, bringing a market capitalisation of RM317.8 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)