Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three Months Ended March 31, 2008
May 14, 2008
TORONTO, Ontario (May 14, 2008) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three months ended March 31, 2008.
During the first quarter, Pinetree generated a net loss of $56.4 million, as compared to net income of $47.2 million in the same quarter last year. The net loss was primarily due to net investment losses of $82.1 million in the quarter, comprised of realized losses on dispositions of investments of $8.0 million, $72.2 million in unrealized losses on investments and $1.9 million in loss from an equity accounted investment. Loss per common share was $0.50 as compared to earnings per share of $0.55 in the three months ended March 31, 2007.
The composition of Pinetree’s investment portfolio by sector as at March 31, 2008, including both investments accounted for at fair value and using the equity accounting method, as compared to the end of the prior quarter is outlined in the following table:
Total investments at March 31, 2008, including investments accounted for at fair value and using the equity accounting method, stood at $547.9 million as compared to $611.6 million as at December 31, 2007. The number of investments decreased to 467 from 487 at the end of the last year. Of the 467 investments, 408 or 87.6% (December 31, 2007 – 88.7%), were in the resource sector, reflecting Pinetree’s continued focus on resources.
Net asset value per share decreased to $3.72 as at March 31, 2008 from $4.20 as at December 31, 2007.
“The economic uncertainty and market instability which has existed over the last few quarters and which continues, has kept downward pressure on many of the sectors on which we are focused,” commented Sheldon Inwentash, Chairman and CEO of Pinetree. “However, we invest with a medium to long term horizon and believe that the fundamentals affecting the resource sectors in which we invest continue to be strong. The market downturn has also presented us with investment opportunities at much reduced valuations.”
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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