Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three And Nine Months Ended September 30, 2011
TORONTO, Ontario (November 10, 2011) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three and nine months ended September 30, 2011.
All comparative information contained in the September 30, 2011 interim consolidated financial statements has been restated to conform to the accounting policies under International Financial Reporting Standards.
During the third quarter of fiscal 2011, Pinetree had a net loss of $136 million, as compared to net profit of $115 million for the same quarter last year. Net loss generated was primarily the result of net investment losses of $154 million in the quarter, comprised of $177 million in unrealized losses on investments offset by realized gains on dispositions of investments of $23 million. Loss per share for the period was $1.00, as compared to earnings per share of $0.84 for the three months ended September 30, 2010.
For the nine months ended September 30, 2011, Pinetree had a net loss of $292 million, as compared to net profit of $66 million for the same period last year. Net loss generated was primarily the result of net investment losses of $329 million in the current period, comprised of $441 million in unrealized losses on investments offset by realized gains on dispositions of investments of $112 million. Loss per share for the period was $2.14 for the nine months ended September 30, 2011, as compared to earnings per share of $0.49 for the nine months ended September 30, 2010.
The composition of Pinetree’s investment portfolio by sector at the end of the quarter as compared to the end of last year is outlined in the following table:
As at September 30, 2011, total investments at fair value was $414 million, as compared to $799 million as at December 31, 2010.
Net asset value per share decreased 44.3% to $2.64 as at September 30, 2011, from $4.74 as at December 31, 2010.
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”. Pinetree is a diversified investment and merchant banking firm focused on the small cap market. Pinetree’s investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities. Pinetree is recognized as a value added partner in the resource industry.
Pinetree discloses an unaudited monthly net asset value per share within 15 days after each month-end. For the latest month-end net asset value per share and for more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.
Use of Non-IFRS Measures
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