Onex profits jump 20 per cent in third quarter as asset management income doubles
TORONTO — Onex Corp. reported net earnings of US$602 million in its latest quarter compared with US$501 million in the same quarter last year — a leap of 20.2 per cent propelled by higher asset management earnings.
The private equity investment firm, which keeps its books in U.S. dollars, says the profit amounted to $6.76 per diluted share for the quarter ended Sept. 30 compared with $5.29 per diluted share in the same period a year earlier.
Onex says its segment net earnings, which excludes certain items, totalled $607 million or $6.59 per diluted share, up from $515 million or $5.39 per diluted share a year ago.
The Toronto-based company's investing segment earnings totalled $493 million compared with $492 million 12 months before, while its asset management segment jumped to $195 million from $93 million in the same quarter last year.
Onex chairman and CEO Gerry Schwartz says Onex enjoyed a "very active quarter" with good momentum across all businesses.
He says investing capital per share grew by eight per cent and that fund performance at the company's private equity platform was strong.
This report by The Canadian Press was first published Nov. 12, 2021.
Companies in this story: (TSX:ONEX)
Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.
