November 10, 2010 / 9:38 PM / 7 years ago

UPDATE 1-Onex Corp narrows quarterly loss

* Q3 loss C$0.37/shr, vs year-before loss C$1.48/shr

* Revenue slips 2 pct to C$6 bln

* Shares ease 1.2 pct

*

TORONTO, Nov 10 (Reuters) - Onex Corp OCX.TO said on Wednesday its third-quarter loss narrowed by 75 percent from a year before, when the private equity firm was stung by a big writedown.

Onex lost C$44 million ($44 million), or 37 Canadian cents a share, in the quarter ended Sept. 30. That compared with a loss of C$180 million. or C$1.48 a share. a year earlier, when the company took a goodwill impairment charge stemming from an asset sale.

Revenue at the company, whose diversified investments range from movie theaters to healthcare to electronics, slipped to C$6 billion from C$6.1 million.

“Overall, our existing businesses have performed well despite the difficult operating environment experienced over the last few years,” Chief Executive Gerry Schwartz said in a statement, noting that Onex holds more than C$3 billion in committed capital and cash.

The company’s shares, which are up more than 22 percent so far this year, eased 35 Canadian cents to C$28.92 on the Toronto Stock Exchange. The results were released after markets closed.

$1=$1.00 Canadian Reporting by Cameron French; editing by Rob Wilson

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