August 12, 2010 / 8:58 PM / 7 years ago

UPDATE 1-Pinetree Capital swings to Q2 loss; to buy back shares

* Q2 loss/shr C$0.45 vs EPS C$0.34 yr-ago

* To buy back 5 mln shares

* Records unrealized loss of C$78.6 mln

*

Aug 12 (Reuters) - Pinetree Capital Ltd (PNP.TO), a Toronto-based diversified investment and merchant banking firm, swung to a quarterly loss hurt by unrealized losses from investments, and said it would buyback about 4 percent of its common shares through a normal course issuer bid.

The company said it would buy back 5 million shares, and the bid will commence on Sept. 1 and end on Aug. 31, 2011.

Net loss for the second quarter was C$61.6 million, or 45 Canadian cents a share, compared with net income of $44.7 million, or 34 Canadian cents a share, a year ago.

Net investment losses of C$72.6 million in the quarter, comprised of C$78.3 million in unrealized losses on investments, partially offset by gains on dispositions of investments of C$5.8 million, Pinetree Capital said in a statement.

Net asset value per share decreased to C$2.19 as on June 30, from $2.53 last December.

The company said it remained cautiously optimistic in its ability to make quality investments over the longer term, and remained bullish on the commodities sector in which it invests.

Shares of the company, which have lost 32 percent in the last three months, closed at C$1.17 Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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