Canada's Fairfax India Q1 net loss widens on unrealized investment losses

Overview

• Canada investment holding company posted Q1 net loss, driven by unrealized investment and currency losses

• Book value per share fell 16.8% from prior quarter, reflecting investment and currency impacts

• Company completed Sanmar stake sale and acquired more 5paisa shares in Q2

Outlook

• Company did not provide specific guidance or forecasts for the current or future periods in its press release

Result Drivers

• UNREALIZED INVESTMENT LOSSES - Q1 net loss was mainly due to unrealized losses on public common stocks, notably IIFL Finance, IIFL Capital, CSB Bank, Fairchem Organics, and 5paisa, as well as Sanmar

• CURRENCY TRANSLATION LOSSES - Depreciation of the Indian rupee against the U.S. dollar led to $156.8 mln in unrealized foreign currency translation losses

Company press release: ID:nGNX9LlCh4

Key Details

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