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TORONTO, April 19, 2018 -- Sonor Investments Limited (TSX-V:SNI.PR.A) today reported its financial results for the year ended December 31, 2017 and the three months ended March 31, 2018.
| Year ended December 31 | 3 months ended March 31 | |||
| 2017 | 2016 | 2018 | 2017 | |
| $000 | $000 | $000 | $000 | |
| Revenue | 5,100 | 4,988 | (20) | 546 |
| Net Income (loss) | 4,598 | 4,512 | (139) | 434 |
Michael Gardiner, Chairman and CEO stated that as at March 31, 2018, the Company’s assets totaled $66.2 million compared to $66.4 million as at December 31, 2017. These assets as at March 31, 2018 included $8.8 million of marketable securities, $35.6 million in a private investment and $21.8 million of cash and cash equivalents.
During the year ended December 31, 2017, the Company realized $1,155,000 in net capital gains on the sale of investments and recorded no impairments on its security investments. This compares to net capital gains of $1,095,000 on the sale of investments during the year ended December 31, 2016. During the three months ended March 31, 2018, the Company realized $750,000 in capital gains on the sale of investments offset by the change in unrealized gains of $902,000 resulting in part from the sale of securities.
The Company has applied IFRS 9 retrospectively, with the application date of 1 January 2018 and adjusting the comparative information for the period beginning 1 January 2017, as more fully described in the notes to the Company’s Financial Statements.
During the period under review, the Company has maintained net assets and qualified investments in excess of the amounts prescribed under the share conditions pertaining to the First Preference Shares in its capital stock.
As well, the Company announces that a semi-annual eligible dividend of $0.225 per share on the Company’s 9% First Preference Shares has been declared payable on September 15, 2018 at a meeting of its Board of Directors. The dividend will be paid to shareholders of record at the close of business on September 1, 2018.
Sonor Investments Limited is an investment company located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company Contacts: Mr. Michael Gardiner Chairman & CEO (416) 369-1499 Mr. David Middleton Treasurer & CFO (416) 369-1499
