Newspaper article The Canadian Press

Algoma Central Cites Acquisition Charges for near Doubling of Quarterly Net Loss: Algoma Central Loss Almost Doubles to $31.1M

Newspaper article The Canadian Press

Algoma Central Cites Acquisition Charges for near Doubling of Quarterly Net Loss: Algoma Central Loss Almost Doubles to $31.1M

Article excerpt

TORONTO - Algoma Central Corp (TSX:ALC) cited costs associated with an acquisition for a near doubling of the net loss the Great Lakes bulk shipping company suffered in the first quarter.

Algoma Centre said the net loss in the three months ended March 31 was $31.1 million or $8 per share, compared with a loss of $17 million or $4.37 per share in the same 2011 period.

Revenue rose to $66.1 million from $57.2 million.

"The increase in the loss was due primarily to the acquisition of the non-controlling interest in Seaway Marine Transport in April 2011," the company said in a release.

The loss was partially offset by a reduction in the mark-to-market loss recognizing the fair value of certain foreign forward exchange contracts, it added.

The April 2011 acquisition involved vessels and partnership interests owned by Upper Lakes Group. Algoma Central's first-quarter results last year reflected only a 59 per cent interest in the business and the losses incurred by the partnership. …

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