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) today announced its financial results for the three and six months ended June 30, 2024. All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from the interim consolidated financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") applicable to the preparation of interim financial statements, including International Accounting Standard 34 Interim Financial Reporting, except as otherwise noted. Management Commentary "The second quarter of 2024 marked continued strong performance of our positions in Helios Managed investments," said Tope Lawani and Babatunde Soyoye, Co-CEO's of Helios Fairfax Partners. "These investments increased in fair value by 15.5% over the same period last year, and now stand at $223 million. Consistent with our strategy of seeding investments in the sports and entertainment sector, we deployed $13 million in Helios Sports & Entertainment Group, which invests in brands, companies and assets in the African sports and entertainment ecosystem. Completing the orderly exit of our Legacy Non-Core investments remains a priority this year. These proceeds will augment our $65 million cash position which we intend to deploy primarily in investments that will contribute to long-term capital appreciation for HFP through the growth of cash flow streams from excess management fees and carried interest." Highlights During the Second Quarter of 2024 Book value per share for the second quarter was $4.19 compared to $4.35 in the first quarter of 2024. HFP reported a net loss in the second quarter of 2024 of $16.5 million compared to net earnings of $4.0 million in the second quarter of 2023. Book value per share for the six months ended June 30, 2024, was $4.19 compared to $4.39 at the end of 2023. The company reported a net loss of $21.2 million for the six months ended June 30, 2024, compared to net earnings of $11.0 million in the six months ended June 30, 2023. The decrease in the book value per share compared to that of previous quarters, the increase in the loss compared to the first quarter and change from net earnings in the second quarter of 2023 to net loss in the second quarter of 2024 were due to unrealized losses from the company's investment in TopCo LP which was driven by lower cash flow expectations and a decrease in expected carried interest. These unrealized losses were offset by unrealized gains related to Helios Managed Investments as well as net foreign exchange gains. Deployed $13 million in Helios Sports & Entertainment Group. Financial Position and Results of Operations HFP reported a net loss of $16.5 million ...