Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three And Six Months Ended June 30, 2012
TORONTO, Ontario (August 10, 2012) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three and six months ended June 30, 2012.
During the second quarter of fiscal 2012, Pinetree had a net loss of $116 million, as compared to $145 million for the same quarter last year. Net loss generated was primarily the result of net investment losses of $115 million in the quarter, comprised of $105 million in unrealized losses on investments and realized losses on dispositions of investments of $10 million. Loss per share was $0.85, as compared to $1.06 per share in the three months ended June 30, 2011.
For the six months ended June 30, 2012, Pinetree had a net loss of $121 million, as compared to $156 million for the same period last year. Net loss generated was primarily the result of net investment losses of $116 million in the current period, comprised of $111 million in unrealized losses on investments and realized losses on dispositions of investments of $5 million. Loss per share was $0.88, as compared to $1.14 per share in the six months ended June 30, 2011.
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:
Net asset value per share decreased 33% to $1.74 as at June 30, 2012, from $2.61 as at December 31, 2011.
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-GAAP Measures
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