Sonor Investments Limited
TSX VENTURE : SNI.PR.A

August 17, 2006 16:05 ET

Sonor Investments Limited Reports Second Quarter Financial Results

TORONTO, ONTARIO--(CCNMatthews - Aug. 17, 2006) - Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the six months ended June 30, 2006.



6 months ended June 30 3 months ended June 30
2006 2005 2006 2005
$000 $000 $000 $000
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Revenue (1,151) 554 (1,127) 354

Net Income (1,646) 367 (1,540) 217
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Michael Gardiner, President and Chief Executive Officer, stated that as at June 30, 2006 the Company's assets totaled $62.1 million. These assets included $21.7 million of marketable securities, $31.9 million in a private investment and $8.1 million of cash and cash equivalents.

During the six months ended June 30, 2006, the Company realized $2,052,000 in net capital losses on the sale of investments compared to net capital losses of $510,000 during the six months ended June 30, 2005. During the three months ended June 30, 2006, Sonor realized $1,559,000 in net capital losses on the sale of investments compared to net capital losses of $185,000 during the corresponding period of the previous year.

Most of the realized capital losses noted herein were a result of the Corporation selling foreign currency-denominated investments whose value upon conversion to Canadian dollars had eroded due to the strengthening Canadian dollar.

During the three months ended June 30, 2006, a dividend of $10.75 per common share was declared and paid totaling $20,014,000. This payment was funded through the sale of a portion of the Corporation's marketable securities resulting in a similar reduction in the Corporation's investment portfolio.

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
    or
    Sonor Investments Limited
    Mr. William Kinnear
    Secretary
    (416) 369-1499