Business
Pinetree Capital Ltd. results for the three and six months ended June 30, 2005
Pinetree Capital Ltd. results for the three and six months ended June 30, 2005.
About this update from Pinetree Capital Ltd.
[{"type":"text","content":"\n\n\n\n\nNet income increases to $2.8 million for the six months ended June 30, \n2005\n\nTORONTO, Aug. 4 /CNW/ - Pinetree Capital Ltd. (TSX: PNP), a Canadian\ninvestment company, today announced its unaudited results for the three and\nsix months ended June 30, 2005.\nOn June 1, 2004, Pinetree Capital Ltd (\"Pinetree\") amalgamated with\nGenevest Inc. (\"Genevest\"). The amalgamation was accounted for as a reverse\ntakeover as the shareholders of Genevest became controlling shareholders of\nPinetree after the amalgamation. Under this form of purchase accounting,\nGenevest is deemed to have acquired Pinetree and the consolidated financial\nstatements of Pinetree for periods after June 1, 2004, include only Genevest's\noperating results prior to the amalgamation and the results of the amalgamated\ncompany thereafter. All comparative figures and references to the periods\nprior to June 1, 2004 are those of Genevest only.\n\nFor the three months ended June 30, 2005 (compared with June 30, 2004):\n\n - Net Investment Gains were $22,796 as compared to Net Investment\n Losses of $15,352,667 for the three months ended June 30, 2004.\n\n - Other Revenue increased to $165,488 from $39,594 for the same\n period last year.\n\n - Operating, general, and administrative expenses decreased to\n $813,243 as compared to $1,433,534 for the same period last year.\n\n - Net income for the period was $420,006 ($0.03 per common share) as\n compared to a Net loss of $9,750,774 ($0.78 per common share) for\n the three months ended June 30, 2004.\n\nFor the six months ended June 30, 2005 (compared with June 30, 2004):\n\n - Net Investment Gains were $3,768,724 as compared to Net Investment\n Losses of $15,573,397 for the six months ended June 30, 2004.\n\n - Other Revenue increased to $621,265 from $122,005 for the same\n period last year.\n\n - Operating, general, and administrative expenses decreased to\n $1,767,421 as compared to $2,609,614 for the same period last\n year.\n\n - Interest expense increased to $556,218 as compared to $287,973 for\n the same period last year.\n\n - Net income for the period was $2,808,432 ($0.20 per common share)\n as compared to a net loss of $10,633,645 ($0.85 per common share)\n for the six months ended June 30, 2004.\n\nAs at June 30, 2005:\n\n - Investments (Fair Value) increased to $84.1 million as compared to\n ...