Investment firm Onex reports second-quarter loss of US$167 million
August 08, 2012 - 4:29 PM
TORONTO - Private equity investment firm Onex Corp. (TSX:OCX) reported a loss of US$167 million in its latest quarter, falling from a profit a year ago when it sold a pair of major investments.
The company, which keeps its books in U.S. dollars, said Wednesday the loss amounted to $1.74 per share compared with a profit of $1.76 billion or $14.09 per share a year ago, when the results of Husky International and Emergency Medical Services Corp. were included.
Revenue totalled $7 billion, up from $6.2 billion, boosted by the addition of door and window manufacturer Jeld-Wen.
The company's quarterly results are often volatile because Onex frequently buys and sells companies, the value of its investments change and operating companies it owns face up and down business cycles in their industries.
Onex holds investments in a wide range of companies — in sectors ranging from door making and aerospace to electronics and software — including a large stake in electronics maker Celestica Inc. (TSX:CLS).
Last month, the company sold the Center for Diagnostic Imaging to Insight Imagine for $91 million.
The Onex Group acquired the centre in 2005 for $73 million and has received proceeds of $145 million.
Onex Corp.'s portion of the proceeds from the sale was $37 million.
News from © The Canadian Press, 2012