Business
ELYSEE earns $703,064 ($0.03 per share) during the six months ended May 31, 2019; declares interim dividend of $0.01 per share
Vancouver, British Columbia--(Newsfile Corp. - July 12, 2019) - Elysee Development Corp. (TSX...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE earns $703,064 ($0.03 per share) during the six months ended May 31, 2019; declares interim dividend of $0.01 per shareVancouver, British Columbia--(Newsfile Corp. - July 12, 2019) - Elysee Development Corp. (TSXV: ELC) is pleased to announce that its unaudited financial statements and management discussion and analysis for the three and six months ended May 31, 2019 are now available for viewing on SEDAR and at www.elyseedevelopment.com. All dollar amounts are in Canadian funds. During the six months ended May 31, 2019 (\"the current period\"), Elysee had net earnings of $703,064 ($0.03 per share) as compared with net earnings of $999,250 ($0.05 per share) for the six months ended May 31, 2018. The earnings for the current period were primarily the result of realized gains on marketable securities of $528,903, unrealized gains on marketable securities of $273,027 and interest and dividend income of $105,359.As a result of the company's strong financial performance during the first six months of fiscal 2019, the board of directors has decided to declare an interim dividend of one cent ($0.01) per share on the company's common shares. The dividend is to be paid on July 31, 2019 to shareholders of record on July 24, 2019. It is an eligible dividend for income tax purposes. This is the first dividend attributable to fiscal 2019. The company intends to continue its policy of paying dividends on a regular basis whenever it is prudent to do so and whenever results warrant.As of May 31, 2019 Elysee's net asset value (\"NAV\") was $14,151,429 or $0.53 per share. The fair value of the company's investments in marketable securities was $9,518,564. Cash and cash equivalents at May 31, 2019 totaled $2,076,861 as compared to $4,000,039 at November 30, 2018. The company is debt-free. Guido Cloetens, the chief executive officer of Elysee, stated: \"In the three months ending on May 31, 2019 both junior gold miners and base metal producers experienced a significant decline in their stock prices. However, our active investment management policy has allowed us to continue to deliver solid results and maintain a very strong balance sheet. Furthermore, we were still able to increase our net asset value during the period while at the same time paying a final cash dividend of two cents per share for fiscal 2018 to our shareholders. With earnin...