November 12, 2008 / 9:32 PM / 10 years ago

UPDATE 1-Onex reports net profit vs year-earlier loss

TORONTO, Nov 12 (Reuters) - Private equity firm Onex Corp OCX.TO posted a third-quarter net profit on Wednesday after recording a loss a year earlier, helped by a solid performance from most of its business investments.

Onex said it earned C$38 million ($31.4 million), or 30 Canadian cents a share, in the three months ended Sept. 30. That compared with a loss of C$77 million, or 60 Canadian cents, in the same period a year earlier.

Toronto-based Onex, which has investments in industries as diverse as electronics manufacturing, health care and cosmetics, said revenue rose 17 percent to C$7.1 billion from C$6.0 billion a year earlier.

“Our businesses will not be immune to the effects of a serious economic downturn, so we and management are positioning them defensively by reducing costs where appropriate, and carefully managing capital spending,” Onex Chief Executive Gerald Schwartz said in a statement.

“That said, our businesses are ... conservatively capitalized ... and should be able to weather the difficult environment ahead.” ($1=$1.23 Canadian) (Reporting by Wojtek Dabrowski; Editing by Peter Galloway)

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