February 27, 2015 - 4:55 AM
MONTREAL - Aimia Inc. (TSX:AIM) posted a $21.5 million net profit and $60 million of adjusted earnings in the fourth quarter, recovering from losses on both counts a year earlier due to a change in its Canadian banking partners for Aeroplan.
The net profit equalled nine cents per common share and adjusted earnings were worth 20 cents per share.
Analysts had expected 24 cents per share of adjusted earnings but Aimia said it met or exceeded all its major financial objectives for 2014.
The company operates customer loyalty programs for Air Canada, TD and CIBC credit cards and other business partners.
It had a net loss of $125.7 million or 74 cents per share in the fourth quarter of 2013 and an adjusted loss of $111.1 million or 50 cents per share, due to costs related to the selection of TD Bank (TSX:TD) as its main Aeroplan credit card issuer.
Aimia's revenue in the fourth quarter ended Dec. 31 was $761.1 million, up 10.7 per cent from a year earlier — ahead of analyst estimates from Thomson Reuters.
News from © The Canadian Press, 2015