Subject: EARNINGS
Sonor Investments Limited Reports Financial Results for the Year Ended December 31, 2023 and Three Months Ended March 31, 2024
TORONTO, April 23, 2024 (GLOBE NEWSWIRE) -- Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the year ended December 31, 2023 and the three months ended March 31, 2024.
| Year ended December 31 | 3 months ended March 31 | |||||
| 2023 $000 | 2022 $000 | 2024 $000 | 2023 $000 | |||
| Revenue | 5,322 | 3,504 | 614 | 582 | ||
| Net Income (loss) | 4,592 | 3,023 | 261 | 419 | ||
Michael Gardiner, Chairman and CEO, stated that as at March 31, 2024, the Company's assets totaled $70.8 million compared to $70.4 million as at December 31, 2023. These assets as at March 31, 2024 included $26.3 million of marketable securities, $35.6 million in a private investment and $8.9 million of cash and cash equivalents.
During the year ended December 31, 2023, the Company realized $53,000 in net capital gains on the sale of investments and recorded no impairments on its security investments. This compares to net capital gains of $1,076,000 on the sale of investments during the year ended December 31, 2022. During the three months ended March 31, 2024, the Company realized capital gains on the sale of investments of $42,000 and recorded a decrease in unrealized gains of $160,000.
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.
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 16, 2024 at a meeting of its Board of Directors. The dividend will be paid to shareholders of record at the close of business on September 2, 2024.
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 | Ms. Rosabell Chung Hun | |
| Chairman & CEO | Treasurer & CFO | |
| (416) 369-1499 | (416) 369-1499 |
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