Resinco® Capital Partners Inc. Q2 2013 Results
Resinco® Capital Partners Inc. Q2 2013 Results
VANCOUVER, British Columbia--(BUSINESS WIRE)-- Resinco® Capital Partners Inc. ("Resinco" or the "Company")(TSX: RIN, FWB: L6V) announces its financial results for the six month period ended June 30, 2013 and reports a net loss of $5.9 million or $0.05 per share versus a net loss of $1.0 million or $0.01 per share for the same period in 2012.
At June 30, 2013 the Company held investments with a fair value of $3.6 million, or $0.03 per share, compared to $9.2 million, or $0.08 per share, at December 31, 2012. The net decrease in the portfolio of $5.6 million was primarily due to a decrease of $5.2 million in the fair value of the Company's investment in Woulfe Mining Corp. offset by an increase of $348 thousand in the fair value of the Company's investment in Pembrook Mining Corp. The remaining decrease in the portfolio was attributable to the overall decrease in the TSX Venture Exchange which declined 28% in the six months ended June 30, 2013.
Resinco recorded a net realized and unrealized loss on the sale of investments of $5.6 million in the six months ended June 30, 2013 compared to a net realized and unrealized loss of $163 thousand in the comparative period.
During the six months ended June 30, 2013, the Company expenses were $378 thousand compared to $987 thousand over the same period in the prior year. This is a reduction of $609 thousand or 62% compared to the prior year due to the cost cutting measures introduced in Q4 of 2012.
About Resinco® Capital Partners Inc.
Resinco is a global investment company that specializes in providing early stage financing to private and public exploration and mining companies in the hard rock minerals, precious metals, rare-earth minerals, oil, gas, water and renewable energy markets.
For more information on Resinco, please visit www.resincocp.com.
On behalf of the Board of Directors
RESINCO® CAPITAL PARTNERS INC.:
John Icke
President and CEO
For more information, please contact
Resinco
John Icke
President and CEO
604-696-6516
info@resincocp.com
www.resincocp.com
Resinco
John Icke, 604-696-6516
President and CEO
info@resincocp.com
www.resincocp.com
KEYWORDS: North America Canada
INDUSTRY KEYWORDS:
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