By Adriano Marchese
Onex (Canada) on Friday reported a swing to a profit in the third quarter on the back of strong performances from its core segments, investments and asset management.
The Canadian investment management firm posted net earnings of $256 million, or $3.23 a share, compared with a loss of $180 million, or 2.12 a share, in the prior-year period.
Total segment earnings rose to $283 million from a loss of $179 million. Onex’ largest unit, its investment segment, drove the swing, reporting earnings of $245 million from a loss of $114 million a year ago.
Its other segment, asset management, reported earnings of $38 million, up from a loss of $65 million.
In the period, the company said that the value of its private equity investments increased 4%, compared with a year earlier, when it decreased by 2%.
Chief Executive Bobby Le Blanc said that Onex has benefited from cost-reduction efforts in the quarter and that it is focusing on the controllable levers across the business to drive sustainable improvement and growth in a challenging market environment.
Write to Adriano Marchese at adriano.marchese@wsj.com
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