Business
Aberdeen International Reports Results for the Nine Months Ended October 31, 2022
Total investment loss of $3.7 million for the nine months ended October 31, 2022, comprised of realized losses on investments of $4.1 million and unrealized gai
About this update from Aberdeen International Inc.
[{"type":"text","content":" Total investment loss of $3.7 million for the nine months ended October 31, 2022, comprised of realized losses on investments of $4.1 million and unrealized gains on investments of $0.4 million As at October 31, 2022, Aberdeen's shareholders' equity was $34.6 million, or $0.24 per basic share Investments in clean energy inputs and technologies such as Progressus, EV Technology Group and Jourdan continue to be core to Aberdeen’s strategy TORONTO, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX: AAB, F: A8H, OTC: AABVF) is pleased to announce that it has released its financial results for the nine months ended October 31, 2022. For the nine months ended October 31, 2022, Aberdeen reported a net loss of $7.3 million or $0.05 per basic share from total revenue of $(3.6) million (realized loss on investments of $4.1 million, unrealized gains on investments of $0.4 million and interest income of $0.1 million). For the nine months ending October 31, 2021, Aberdeen reported net income of $7.4 million or $0.05 per basic share from total revenue of $11.7 million (realized gain on investments of $5.0 million, unrealized gains on investments of $6.5 million and interest income of $0.2 million). Market conditions remain challenging and the portfolio remains heavily invested in early-stage companies, largely in the natural resources and clean energy sectors – sectors that are thematically important as the world seeks to secure critical materials for a growing population while concurrently transitioning to a lower-carbon energy mix. Despite the significance of these themes and the Company’s exposure to them, early-stage investment valuations have been pressured amidst a global risk-off environment, driven by inflationary concerns and monetary policy actions being taken by central banks, amongst other factors. “Clean tech and sustainable agriculture continue to be Aberdeen’s largest exposures and we continue to actively seek opportunities to drive value for shareholders during a challenging time for companies that are early on in their lifecycle. We remain focused on supporting operational execution of our portfolio companies and anticipate that our efforts will pay off when markets eventually turn the corner,” said Chris Younger, CEO of Aberdeen. The Company continues to focus on the transition...