Powerhouse Ventures Limited reported audited earnings results for the year ended June 30, 2018. For the year, total loss and fair value changes was NZD 5,125,664 against NZD 907,763 a year ago. Loss before tax was NZD 10,434,494 against NZD 12,578,115 a year ago. Loss after tax for the year was NZD 10,434,494 against NZD 11,219,770 a year ago. Basic and diluted loss per share was 36 cents against loss per share of 43 cents a year ago. Statutory loss after tax of NZD 10.4 million primarily due to Croplogic mark-to-market, other investment write-downs due to lack of milestone achievement and delayed capital raises for Tiro, Upstream and other companies that would have resulted in significant fair value gains. Net cash outflow from operating activities was NZD was 3,668,910 compared to NZD 6,003,751 a year ago. Purchase of plant property and equipment was NZD 4,496 compared to NZD 28,592 a year ago.

For the first half of 2019, the company expected in the second half of financial year 2018 a significant uplift in value of the portfolio and it is now expected that anticipated increase will be achieved in the first half of financial year 2019. This coupled with stringent cost control and the potential for value creation events is expected to result in much stronger earnings in first half of financial year 2019.