Sonor Investments Limited Reports Financial Results for the Year Ended December 31, 2018 and Three Months Ended March 31, 2019
TORONTO, April 26, 2019 (GLOBE NEWSWIRE) -- Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the year ended December 31, 2018 and the three months ended March 31, 2019.
Michael Gardiner, Chairman, announced that David Middleton will be replaced as CFO by Rosabell Chung Hun. David will continue as a consultant of the company assisting the management team from time to time.
Rosabell joins us with extensive related experience. Ms. Chung joins us from Wittington Investments Limited, where she held the role of Controller, leading the finance teams for several business units. Ms. Chung holds an MBA in Finance from Queens University, Ontario and a CPA, CMA professional designation. We are excited to have her join the management team.
M. Gardiner also commented on the Company’s recent financial results.
| Year ended December 31 | 3 months ended March 31 | ||||||||
| 2018 | 2017 | 2019 | 2018 | ||||||
| $000 | $000 | $000 | $000 | ||||||
| Revenue | 3,106 | 5,182 | 458 | (20) | |||||
| Net Income (loss) | 2,674 | 4,598 | 293 | (139) | |||||
Michael Gardiner, Chairman and CEO stated that as at March 31, 2019, the Company’s assets totaled $69.0 million compared to $68.7 million as at December 31, 2018. These assets as at March 31, 2019 included $10.2 million of marketable securities, $35.6 million in a private investment and $23.0 million of cash and cash equivalents.
During the year ended December 31, 2018, the Company realized $872,000 in net capital gains on the sale of investments and recorded no impairments on its security investments. This compares to net capital gains of $1,247,000 on the sale of investments during the year ended December 31, 2017. During the three months ended March 31, 2019, the Company realized $NIL in capital gains on the sale of investments and recorded an increase in unrealized gains of $246,000.
The Company has applied IFRS 9 retrospectively, with the application date of 1 January 2018 and adjusting the comparative information for the period beginning 1 January 2017, as more fully described in the notes to the Company’s Financial Statements.
During the period under review, the Company has maintained net assets and qualified investments in excess of the amounts prescribed under the share conditions pertaining to the First Preference Shares in its capital stock.
As well, the Company announces that a semi-annual eligible dividend of $0.225 per share on the Company’s 9% First Preference Shares has been declared payable on September 15, 2019 at a meeting of its Board of Directors. The dividend will be paid to shareholders of record at the close of business on September 1, 2019.
Sonor Investments Limited is an investment company located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company Contacts:
| Mr. Michael Gardiner Chairman & CEO (416) 369-1499 | Ms. Rosabell Chung Hun Treasurer & CFO (416) 369-1499 |
