March 10, 2011 / 9:37 PM / 7 years ago

UPDATE 1-Pinetree Capital Q4 profit surges

* Q4 EPS C$1.68 vs C$0.15 yr ago

* Net investment gains C$292 mln

* Net asset value per share up 86 pct (Follows alerts)

March 10 (Reuters) - Diversified investment and merchant banking firm Pinetree Capital Ltd posted an 11-fold increase in quarterly profit, helped by gains from investments.

For the fourth quarter, net income was C$229 million, or C$1.68 a share, compared with C$20 million, or 15 Canadian cents a share, a year earlier

Net investment gains for the quarter were C$292 million.

Net asset value per share increased 86 percent to C$4.71 as at Dec. 31 from C$2.53 a year ago, the company said in a statement.

Shares of the Toronto-based company, which have more than doubled in the last six months, closed at C$3.10 on Thursday on the Toronto Stock Exchange.

Reporting by Amruta Sabnis in Bangalore; Editing by Maju Samuel

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