BUSINESS

Sale of Aeroplan business boosts Aimia's first-quarter profit to $1.05B

The Canadian Press Published Tuesday, May 14, 2019 6:45AM EDT

Aimia chairman of the board Robert Brown is pictured prior to a special shareholders meeting Montreal on Tuesday, January 8, 2019. Aimia Inc. says it has completed the sale of its Aeroplan loyalty program to Air Canada and used the majority of the proceeds to repay is debt.THE CANADIAN PRESS/Paul Chiasson

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MONTREAL -- Loyalty rewards company Aimia Inc. reported a profit of $1.05 billion in its latest quarter as it completed the sale of its Aeroplan business.

The company says the profit amounted to $6.85 per diluted share for the three months ended March 31 compared with a profit of $21.4 million or 11 cents per diluted share a year ago.

Aimia says its loss from continuing operations totalled $3.2 million or five cents per diluted share compared with a loss of $9.2 million or nine cents per diluted share in the same quarter last year.

Revenue fell to $34.7 million compared with $45.0 million in the first three months of 2018.

Aimia completed the sale of the Aeroplan loyalty program to Air Canada in January.

The company's other assets include Air Miles Middle East, a stake in the Club Premier program in Mexico that it jointly controls with Aeromexico, and an investment with Air Asia in a travel technology company that operates BIG Loyalty.