Aimia reports second-quarter profit as post-Aeroplan transformation continues
An Aimia logo is shown at the company's annual general meeting in Montreal, Friday, May 4, 2012. (THE CANADIAN PRESS / Graham Hughes)
The Associated Press
Published Wednesday, August 14, 2019 8:12AM EDT
MONTREAL - Aimia Inc. earned $43.5 million in its latest quarter, boosted by gains related to investments, as it worked to transform itself following the sale of its flagship Aeroplan program earlier this year.
The loyalty rewards company says the profit amounted to 29 cents per share for the quarter ended June 30, compared with a profit of $11.1 million or four cents per share a year ago.
Revenue from continuing operations fell to $31.0 million compared with $42.8 million in the same quarter last year.
On an operating basis, Aimia reported a loss of $21.7 million from continuing operations for the quarter compared with an operating loss of $39.5 million a year earlier.
Aimia sold the Aeroplan program to Air Canada earlier this year, leaving it with significant cash on hand but also questions about its future.
The company's other assets include a 48 per cent stake in Aeromexico's loyalty program, PLM, and a 20 per cent share of AirAsia's loyalty program, Think Big.