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Helios Fairfax Partners Corporation: Financial Results for the Second Quarter of 2024
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, Aug. 09, 2024 (GLOBE NEWSWIRE) — Helios Fairfax Partners Corporation (TSX: HFPC.U) today announced its financial results for the three and six mon
HFP reported a net loss of $16.5 million in the second quarter of 2024 as compared to net earnings of $4.0 million in the comparable period of 2023. The net loss was driven primarily by unrealized losses on the company’s investment in TopCo, specifically TopCo Class B. The unrealized losses on the company’s investment in TopCo Class B were driven primarily by the impact of lower forecasted management fees for the Helios Strategies which reduces the excess management fees to TopCo Class B. The unrealized losses were offset by unrealized gains related to Helios Managed Investments which increased, due to the strong performance of the underlying investments. Results from operations also include $4.3 million of expenses offset by interest and dividend income of $2.1 million. Read More
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