Lifestyles Breaking News

The Canadian Press - ONLINE EDITION

Onex posts $77 million loss in fourth quarter, $39 million profit for 2012

By: The Canadian Press

Friday, Feb. 22, 2013 at 11:51 AM | Comments: 0

The Onex Corporation logo is displayed at the company's annual general meeting in Toronto on May 10, 2012. THE CANADIAN PRESS/Nathan Denette

TORONTO - Onex Corp. (TSX:OCX) recorded a $77 million net loss in the fourth quarter, an improvement from a year earlier as the conglomerate's revenue increased slightly and its cash flow from operations rose dramatically.

The company, which buys, sells and manages a wide range of businesses in several industries, reported $6.9 billion of revenue for the three-month period, and $784 million of cash flow.

Revenue was up two per cent from the fourth quarter of 2011, when Onex recorded a $113 million loss, while cash flow from operations was up $77 million or nearly 11 per cent from $707 million.

The nature of Onex's business makes year-to-year comparisons difficult.

Last year's net profit, for example, is nearly 98 per cent below the $1.6 billion reported for 2011 following the sale of two businesses that added $1.7 billion to the bottom line.

However, excluding discontinued operations, the 2012 full-year profit was a $127-million improvement from the $88 million loss from continuing operations recorded in 2011.

Cash flow from operations, another measure of how the underlying businesses fared, was $2 billion in 2012 as a whole, up $800 million or 66 per cent from 2011 while annual revenue was up 11 per cent to $27.4 billion from $24.6 billion.

Rate this
This article has not yet been rated.

We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

You can also register and/or login to the site and join the conversation by leaving a comment.

Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Comments

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Comment

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.