UPDATE: Sino-Forest Turns Negative After Saying Needs More Time With Eagerly Awaited Review
Sino-Forest Corporation (TRE.TO) is now down 5% and has touched a day low of $6.16 after earlier touching a day high $7.38 after saying it needs more time to complete its eagerly awaited review. It also announced its financial results today for the second quarter ended June 30, 2011. Highlights of Second Quarter and First Half 2011 Results include:
- Revenue increased 6% in Q2 to us$317 million and 19% in H1 2011 to US$656 million.
- EBITDA was down 4% in Q2 to US$155 million and increased 14% in H1 2011 to US$347 million.
- In Q2 IFRS accounting for fair value of financial instruments resulted in a non-cash gain of approximately US$469.5 million.
- Net income increased 125% in Q2 to US$447 million and 98% in H1 2011 to US$425 million.
- Net income before changes in fair value of financial instruments decreased from US$60.8 million to a loss of US$9.8 million in Q2.
- Cash, cash equivalents and short term deposits were US$899 million as at June 30, 2011.
- The Independent Committee continues to make progress with its review, but has advised that additional time will be needed to complete its report primarily due to a prolonged data collection and review process.
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