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Aberdeen International Reports Results for the Six Months Ended July 31, 2022
Total investment gains were $0.8 million for the six months ended July 31, 2022, made up of realized losses on investments of $2.1 million and unrealized gains
About this update from Aberdeen International Inc.
[{"type":"text","content":" Total investment gains were $0.8 million for the six months ended July 31, 2022, made up of realized losses on investments of $2.1 million and unrealized gains on investments of $2.9 million As at July 31, 2022, Aberdeen's shareholders' equity was $39.8 million, or $0.27 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, Sept. 14, 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 six months ended July 31, 2022. For the six months ended July 31, 2022, Aberdeen reported net loss of $2.1 million or $0.02 per basic share from total revenue of $0.8 million (realized loss on investments of $2.1 million, unrealized gains on investments of $2.9 million and interest income of $0.05 million). For the six months ending July 31, 2021, Aberdeen reported net income of $14.2 million or $0.10 per basic share from total revenue of $15.6 million (realized gain on investments of $0.9 million, unrealized gains on investments of $14.6 million and interest income of $0.1 million). The Company’s investment portfolio continues to be heavily weighted in early-stage investments that are orientated towards driving greater sustainability – clean energy, electrification, and food security are key thematic focus areas and recently added positions are generally producing unrealized gains. For example, EV Technology Group has made significant advancements to re-invent heritage brands, such as the Electric MOKE, with electrified drivetrains, and horizontal and vertical integration through M&A have been core to the strategy. In Q2, Aberdeen had a $1.5M unrealized gain on EV Technology Group, which accounts for more than 11% of total assets of the Company. “Undoubtedly, we are in a challenging environment for public equities that are heavily focused on early-stage opportunities, which was reflected in the quarter’s results. The net loss comes largely as we pare positions for which we don’t see near-term catalysts to free up capital for deployment into promising opportunities that we think will provide upside through the near and medium term,” said Chris Younger, CEO of Aberdeen. The Company continues to...