November 4, 2021 at 17:05 EST | Source: Fairfax India Holdings, Fairfax India Holdings
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(Note: Unless otherwise stated, all U.S. dollar amounts in this press release are expressed in U.S. dollars. Financial results are prepared in accordance with the confirmation and measurement requirements of the International Financial Reporting Standards unless otherwise stated, and have not been audited.)
TORONTO, November 4, 2021 (GLOBE NEWSWIRE) - Fairfax India Holdings Corporation (TSX: FIH.U) announced net income for the third quarter of 2021 of US$131.9 million (net income per share after dilution is 0.85 U.S. dollars), and net income for the third quarter of 2020 was 77.7 million U.S. dollars (diluted net income per share of 0.52 U.S. dollars), reflecting the increase in realized and unrealized net income of investments, partly due to increased performance expenses and income tax provisions. And the decrease in net foreign exchange gains.
Highlights of the third quarter of 2021 include:
Fairfax India's financial position remains strong, with untapped cash and marketable securities of approximately US$310 million.
In 2021 and the third quarter of 2020, the weighted average common shares outstanding will be 145.5 million and 150.4 million, respectively. On September 30, 2021, 112,083,127 secondary voting shares and 30,000,000 multiple voting shares are outstanding.
Fairfax India's detailed third quarter report can be accessed on its website www.fairfaxindia.ca.
When introducing the company's performance in this press release, management has included the book value of each basic share. The book value of each basic share is calculated by the company as ordinary shareholders’ equity divided by the number of ordinary shares outstanding.
Fairfax India Holdings Corporation is an investment holding company whose goal is to achieve long-term capital appreciation by investing in public and private equity securities and debt instruments in India, as well as Indian companies or other businesses primarily with customers, suppliers or businesses, while retaining Capital is in or depends on India.
This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may be related to the company's or Indian investment company's future prospects and expected events or results, and may include statements about the company's financial status, business strategy, growth strategy, budget, operations, financial performance, taxes, dividends, plans, and goals of the company. In particular, statements regarding future results, performance, achievements, prospects or opportunities of the company, Indian investments or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified through the use of forward-looking terms, such as "plan", "expected" or "unexpected", "expected", "budget", "scheduled", "estimated", " "Forecast", "intend", "anticipate" or "unexpected" or "believe", or variations of such words and phrases, or state that certain actions, events or results are "may", "may" or "will" , "May", "will" or "will be taken", "occur" or "achieve".
Forward-looking statements are based on our opinions and estimates as of the date of this press release, and are subject to known and unknown risks, uncertainties, assumptions and other factors that may lead to actual results, activity levels, performance or achievements. There are material differences in the contents expressed or implied in the forward-looking statements, including but not limited to the following factors: COVID-19 pandemic; oil price risk; geographic concentration of investment; foreign currency fluctuations; fluctuations in the Indian securities market; unreliable or unreliable information If it is obtained, it may invest in foreign private companies; valuation methods involve subjective judgments; financial market fluctuations; the speed of investment completion; minority equity investments; reliance on key personnel and risks related to investment consulting agreements; litigation; use of leverage ; Fairfax’s material ownership may adversely affect the market price of secondary voting shares; weather risks; tax risks; emerging markets; multilateral instruments; economic risks; and transaction prices of secondary voting shares relative to the book value of each share risk. Other risks and uncertainties are described in the company's annual information sheet dated March 5, 2021, which is available on the SEDAR website www.sedar.com and the company website www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of factors and assumptions that may affect the company. However, these factors and assumptions should be carefully considered.
Although the company has tried to identify important factors that may cause actual results to differ materially from the results contained in the forward-looking statements, there may be other factors that cause the results to be inconsistent with expectations, estimates, or expectations. There is no guarantee that such statements will prove to be accurate, as actual results and future events may differ materially from the expectations in such statements. Therefore, readers should not place undue reliance on forward-looking statements. Unless required by applicable securities laws, the company does not undertake to update any forward-looking statements contained herein.