BUSINESS

Onex reports US$399M third-quarter profit, up from $98M a year ago

11/15/2013 08:52 EST | Updated 01/23/2014 06:56 EST
TORONTO - Onex Corp. (TSX:OCX) reported Friday it earned US$399 million in its latest quarter as revenue grew 16 per cent.

The private equity firm, which keeps its books in U.S. dollars, said the profit amounted to $3.22 per share for the quarter ended Sept. 30 compared with a profit of $98 million or $1.50 per share a year ago.

The jump in profit came as Onex recorded a $551 million recovery of income taxes compared with $89 million a year ago.

Revenue for the quarter totalled $7.13 billion, up from $6.14 billion, boosted by acquisitions made last year.

Onex noted that it has a strong financial position as it looks for new acquisitions with $1.5 billion of cash and near-cash equivalents and roughly $1 billion in undrawn committed capital.

The company holds investments in a wide range of companies including a large stake in electronics maker Celestica Inc. (TSX:CLS).