(September 15 – 09:45 ET) – Fonds De Solidarité FTQ is reporting strong results for the year ended June 30. Its net earnings jumped 136% to $285.4 million. That’s $1.95 per share.
Operating expenses were contained at 1.9% of average net assets, says Fonds De Solidarité FTQ. Net assets climbed 24% to $3.86 billion. Last year the fund redeemed $144.1 million in shares. “We had 240,000 shareholders in 1995; today that figure is approaching 427,000, spread across all age groups. This past year alone, some 53,500 new shareholders enrolled in the Fund,” says Raymond Bachand, president and CEO.
During the fiscal year, Fonds De Solidarité FTQ injected $372.4 million into Quebec companies, generating a return of 8.6%, and contributing to the maintenance or creation of over 90,000 jobs. The total value of investments last year is $2.6 billion, 74.2% of the average net assets of the preceding year, substantially higher than the 60% minimum requirement.
Bachand said most of last year’s investments were renewed commitments to partner companies. “The fund has become among Quebec’s leading investors in the new economy as evidenced by the size of its portfolio and increasing expertise in this growth sector.”
Fonds De Solidarité FTQ says its investment objective over the next three years will be increased to $1.275 billion. “It is by promoting solid, sustainable corporate growth that we create lasting jobs. This is why the Fund will continue to favour innovative economic solutions that promote the growth of value and development of quality jobs,” says Fonds De Solidarité FTQ chairman Henri Massé.
-IE Staff