NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, May 13, 2024 (GLOBE NEWSWIRE) -- Helios Fairfax Partners Corporation (TSX:HFPC) today announced its financial results for the three months ended March 31, 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 "In the first quarter of 2024 the fair value of our positions in Helios Managed Investments increased by $8.5 million or 4.3% to $213.2 million. Since the company's initial investments, the fair value has grown by almost 27% as a result of the strong performance of the underlying investee companies. Our focus in 2024 is to complete the orderly exit of our Legacy Non-Core investments and to continue to deploy capital in investments that benefit from the long-term secular themes of technology & innovation and demographics & urbanization across African economies. With over $89 million in cash available at the end of the quarter, Helios Fairfax Partners remains well positioned to continue to make what we believe are innovative and value-creating investments in Africa as a trusted partner of choice to corporates and entrepreneurs." Highlights During the First Quarter of 2024 Book value per share for the quarter was $4.35 compared to $4.39 in the fourth quarter of 2023. HFP reported a net loss in the first quarter of 2024 of $4.7 million compared to net earnings of $7.0 million in the first quarter of 2023. Both the decrease in the book value per share compared to that of the fourth quarter and the change from net earnings in the first quarter of 2023 to net loss in the first 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 decrease in carried interest. These unrealized losses in TopCo LP investments were offset by projected unrealized gains related to Helios Managed Investments as well as interest and dividend income. Financial Position and Results of Operations HFP reported a net loss of $4.7 million in the first quarter of 2024 as compared to net earnings of $7.0 million in ...