Onex Corp. reports US$1.1 billion Q1 loss on COVID-19 related market disruption
Posted May 15, 2020 7:48 am.
Last Updated May 15, 2020 8:38 am.
This article is more than 5 years old.
TORONTO — Onex Corp. says it swung to a significant loss in the first quarter as a result of market volatility and economic disruption from the COVID-19 outbreak.
The investment management firm, which reports in U.S. dollars, says it had a net loss of $1.1 billion or $10.34 per diluted share for the quarter ending March 31, compared with net earnings of $195 million or $191 per diluted share last year.
The Toronto-based firm says $985 million of the losses were from its investing segment as the pandemic pushed down markets in March and created a broad net decline in the fair value of its underlying portfolio investments.
Onex says the decrease in fair value of its investments ranged from declines of between one per cent and 77 per cent, including declines in Parkdean Resorts, and WestJet Airlines that it took over last year.
It says that, as of the end of March, it had about $6 billion in shareholder capital under management.
The firm maintained its dividend of 10 cents per subordinate voting share.
This report by The Canadian Press was first published May 15, 2020.
Companies in this story: (TSX:ONEX)
The Canadian Press
