Pinetree Resource Portfolio Gains by $50 Million

- May 13th, 2009

Pinetree Capital (TSX:PNP) announced first quarter 2009 financial results today. Net income was $28.6 million or $0.22 per share. This compares with a loss of $0.50 per share for the same period in 2008. The majority of the gains were seen in the resource portion of the portfolio, the fair value of which grew to … Continued

Pinetree Capital (TSX:PNP) announced first quarter 2009 financial results today. Net income was $28.6 million or $0.22 per share. This compares with a loss of $0.50 per share for the same period in 2008.

The majority of the gains were seen in the resource portion of the portfolio, the fair value of which grew to over $168 million vs. $117 million at the end of 2008.  The largest gains within the resource portion were in precious metals and uranium.

Sheldon Inwentash, PNP’s Chairman and CEO is quoted as saying:

We have maintained our positive long term outlook on the commodity space and have used the recent market downturn to take best advantage of investment opportunities.

Click here for the full press release.

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