Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three Months Ended March 31, 2013
TORONTO, Ontario (May 14, 2013) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited interim consolidated financial results for the three months ended March 31, 2013.
For the three months ended March 31, 2013, Pinetree had a net loss of $47 million, as compared to $5 million for the same quarter last year. Net loss for the three months ended March 31, 2013 was primarily the result of net investment losses of $42 million, comprised of $45 million in unrealized losses on investments offset by realized gains on dispositions of investments of $3 million. Loss per share was $0.33 for the three months ended March 31, 2013, as compared to $0.04 for the three months ended March 31, 2012.
The composition of Pinetree’s investment portfolio by sector as at March 31, 2013 as compared to the end of last year is outlined in the following table:
As at March 31, 2013, total investments at fair value was $219 million, as compared to $270 million as at December 31, 2012, a decrease of 19%.
Net asset value per share decreased 23% to $1.20 as at March 31, 2013, from $1.55 as at December 31, 2012.
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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