Onex reports $223-million loss in fourth quarter, annual loss rises to US$813M

TORONTO – Onex Corp. (TSX:OCX) reports it had a US$223 million net loss in the fourth quarter, bringing the total loss for 2013 to US$813 million.

The Toronto-based company buys, sells and manages companies in a number of sectors for itself and on behalf of its partners.

At the end of 2013, it managed $13.5 billion of other investors’ capital and $5.8 billion of its own.

Last year’s $813-million loss compared to net earnings of $16 million in 2012

“This change was primarily driven by a greater increase in the fair value of the limited partners’ interest in our operating businesses that is recorded as a liability, which resulted in approximately $750 million in increased charges to Onex’ consolidated net earnings,” the company said.

“In addition, the aerostructures segment reported a loss primarily as a result of forward-loss charges on long-term contracts.”

The annual loss attributable to Onex’s publicly traded stock was $3.12, compared with a year-earlier loss of $1.12 per share.

In the fourth quarter, $2.09 per share of earnings from discontinued operations offset 32 cents per share of losses from continuing operations, resulting in an overall $1.77 per share of net earnings.