Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three And Six Months Ended June 30, 2010
August 12, 2010
TORONTO, Ontario (August 12, 2010) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three and six months ended June 30, 2010.
During the second quarter, Pinetree had a net loss of $61.6 million, as compared to net income of $44.7 million for the same quarter last year. The net loss was primarily from net investment losses of $72.6 million in the quarter, comprised of $78.3 million in unrealized losses on investments, partially offset by realized gains on dispositions of investments of $5.8 million. Loss per share was $0.45, as compared to earnings per share of $0.34 in the three months ended June 30, 2009.
For the six months ended June 30, 2010, Pinetree had a net loss of $47.3 million, as compared to net income of $73.3 million in the same period last year. The net loss was primarily from net investment losses of $50.7 million in the period, comprised of $61.4 million in unrealized losses on investments partially offset by realized gains on dispositions of investments of $11.0 million. Loss per share was $0.35, as compared to earnings per share of $0.56 in the six months ended June 30, 2009.
The composition of Pinetree’s investment portfolio (accounted for at fair value) by sector as at June 30, 2010, as compared to December 31, 2009, is outlined in the following table:
As at June 30, 2010, total investments at fair value stood at $317.9 million, as compared to $366.7 million as at December 31, 2009, while the total number of investments remained constant at 429. Three hundred and eighty-four of the investments or 89.5% (December 31, 2009 – 89.3%) were in the resource sector, consistent with Pinetree’s primary investment strategy.
Net asset value per share decreased to $2.19 as at June 30, 2010, from $2.53 as at December 31, 2009.
“During the quarter, we experienced some pullback in some of our investments in line with the softness in the overall TSX and TSX Venture Exchange markets”, commented Sheldon Inwentash, Pinetree’s Chairman and CEO. “The global markets remain difficult, however, we remain cautiously optimistic in our continued ability to make quality investments over the longer term and remain bullish on the commodities sector in which we invest”.
For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com
Use of Non-GAAP Measures
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