UPDATE 1-Pinetree Capital posts Q3 profit

* Q3 EPS C$0.48 vs loss/shr C$1.63 yr ago

* Net investment gains C$69.5 mln

Nov 11 (Reuters) - Pinetree Capital Ltd (PNP.TO), a Toronto-based diversified investment and merchant banking firm, reported a third-quarter profit, helped by gains from investments.

For the third quarter, net income was C$63.8 million, or 48 Canadian cents a share, compared with a net loss of C$210.9 million, or C$1.63 a share, a year earlier.

Net investment gains for the quarter were C$69.5 million.

Net asset value per share increased to C$2.39 as at Sept. 30, from $1.33 as at Dec. 31, the company said in a statement.

Shares of the company closed at C$1.61 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Anne Pallivathuckal)