Finning International swings to loss; to cut more jobs

Thu Feb 18, 2016 9:41am EST
 
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Feb 18 (Reuters) - Canada's Finning International Inc , the world's biggest dealer of Caterpillar Inc equipment, swung to a quarterly loss and said it would cut more jobs.

The company, which has been hurt by lower demand from the mining, energy and construction industries, posted a net loss of C$309 million ($225.75 million), or C$1.82 per share, for the fourth quarter ended Dec. 31.

That compared with a profit of C$107 million, or 62 Canadian cents, a year earlier.

The company, which cut 13 percent of its global workforce last year, said it would cut another 400-500 jobs by mid-2016. ($1 = 1.3688 Canadian dollars) (Reporting by Anet Josline Pinto in Bengaluru; Editing by Shounak Dasgupta)