09 April 2009 19:41 [Source: ICIS news]
TORONTO (ICIS news)--Quebec’s provincial government investment fund SGF has recorded a net loss of Canadian dollars (C$) 261m ($210m) in 2008, largely due to losses and closure costs at petrochemicals producers Petromont and PTT Poly, it said on Thursday.
The Societe generale de financement du Quebec (SGF) said losses of C$238m were solely due to operating losses, closure costs and write-downs of its investments in petrochemicals producers Petromont and PTT Poly Canada, as well as forestry firm Temlan. It did not provide a breakdown.
Without the cited losses, SGF’s 2008 rate of return would have been minus 1.2%, instead of minus 14.3%, it said.
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"The speed and scope of this crisis that hit us in 2008 was unprecedented,” SGF head Pierre Shedleur said.
($1 = C$1.24)
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