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Be the first with the news that moves the market- Dundee Corporation (TSX:DC.A) have posted their results from 2019
- The investments firm recorded a net loss of C$15.3 million, or a loss of $0.26 per share
- In 2018, their net loss was $202.4 million, or $3.49 per share
- The estimated value of investments at December 31, 2019, was $306.7 million
- Dundee Corporation (DC.A) is down 1 per cent at C$0.74 per share, with a market cap of $76 million
Dundee Corporation (TSX:DC.A) has announced its 2019 results for the year, and has shown a turnaround of some C$185 million.
The company stated its 2019 objectives were to strengthen the capital structure of the business while streamlining its investment portfolio.
Jonathan Goodman, Chairman and CEO of Dundee, said the company was making good progress on both of these fronts.
“We were able to crystallise value and generate cash proceeds from the sale of a number of non-core businesses last year, including Union Group, Dundee 360 Real Estate Corporation’s brokerage division and preference shares of Red Leaf Resources Inc.
“We have also improved our financial position with the successful conversion of Preference Shares, series 5 to Class A subordinate voting shares in May 2019,” he said.
The mainstay of the company’s portfolio is its share in Dundee Precious Metals
Dundee Metals achieved a record annual production of 230,592 ounces of gold for the year.
Copper production of 37.2 million ounces was on the lower end of production guidance however.
The company has also initiated a thorough COVID-19 program.
As a holding company, the company luckily does not have a large employee base.
This has meant initiating work from home protocols has been relatively painless, when compared to other companies of similar market caps.
The companies CFO, Robert Sellars, commented on the transition to off-site work.
“Due to planning, preparation and investment in technology, we have been able to seamlessly transition the majority of our head office employees to work from home.
“All employees are doing their part during this unprecedented global pandemic,” he said.
Dundee Corporation (DC.A) is down 1 per cent to $0.74 at 12:31 pm EST.
