Sonor Investments Limited

August 31, 2009 16:45 ET

Sonor Investments Limited Reports Second Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - Aug. 31, 2009) - Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the six months ended June 30, 2009.

6 months 3 months
ended June 30 ended June 30
2009 2008 2009 2008
$000 $000 $000 $000

Revenue 316 606 98 231

Net Income (loss) (228) 198 (22) 260


Michael Gardiner, President and Chief Executive Officer, stated that as at June 30, 2009 the Company's assets totaled $46.9 million. These assets included $8.0 million of marketable securities, $31.9 million in a private investment and $6.2 million of cash and cash equivalents.

During the six months ended June 30, 2009, the Company recognized a write down of $345,000 on the value of its investments compared to a write down of $140,000 during the six months ended June 30, 2008. During the three months ended June 30, 2009, Sonor realized net capital losses of $55,000 on the sale of investments compared to net capital gains of $82,000 during the corresponding period of the previous year.

Loss on value of investments is determined each quarter by testing available for sale investments for impairment. The impairment process includes a review of all shares with particular emphasis on shares trading below book value for more than six months and more than 25% below book value at the end of the fiscal year.

Sonor Investments Limited is an investment corporation located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.

Contact Information

  • Sonor Investments Limited
    Mr. Michael Gardiner
    President and CEO
    (416) 369-1499
    Sonor Investments Limited
    Mr. Stephen Mills
    Treasurer & CFO
    (416) 369-1499
    (416) 369-0280 (FAX)