Resinco(R) Capital Partners Inc. Announces Financial Results for the Year Ended December 31, 2011
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/26/12 -- Resinco® Capital Partners Inc. ("Resinco" or the "Company") (TSX: RIN)(FRANKFURT: L6V) announces its financial results for the year ended December 31, 2011 and reports net loss of $(18.8) million or $(0.15) per share (basic) versus a net income of $10.1 million or $0.08 per share (basic) for 2010. At December 31, 2011 the Company held investments with a fair value of $9.2 million, or $0.075 per share compared to $28.4 million at December 31, 2010, a decrease of 68%.
Resinco recorded realized gains on disposal of investments of $1.5 million and unrealized investment losses of $(18.5) million for the year ended December 31, 2010 compared to realized investment losses of $(3.7) million and unrealized investment gains of $16.9 million in 2010. Resinco's investment portfolio at December 31, 2011 included 15 public companies and 9 private companies, compared to 20 public companies and 16 private companies in the portfolio at the end of 2010.
"Our portfolio experienced a significant decrease in value throughout 2011 and that was understandable given the overall junior resource sector value decline during the same period. The sector's decline can be attributed to many key global events such as the Fukushima disaster, the European debt crisis and general malaise associated with the USA economy revitalization. Individually and collectively they affected the general confidence of investors who, in many instances, sold their shareholdings at a discount to implied value and transitioned to cash," stated John Icke, President and CEO of Resinco. Mr. Icke went on to say, "In the first quarter of 2012 the market has started to show some positive signs and some of the key investments in Resinco's portfolio have declared major initiatives enhancing their value. We remain cautiously optimistic for the remainder of 2012 and expect valuations to increase modestly."
About Resinco® Capital Partners Inc.
Resinco (Resource Investment Company) is a global investment company which 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 .
On behalf of the Board of Directors
RESINCO® CAPITAL PARTNERS INC.:
John Icke, President and CEO
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Resinco Capital Partners Inc.
John Icke
President and CEO
604-696-6515 or 1-877-687-5755
604-684-2990 (FAX)
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Datum: 26.03.2012 - 14:05 Uhr
Sprache: Deutsch
News-ID 1096522
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