(Toronto) Aimia posts a loss as the global decline in stock prices has impacted the value of its portfolio.
Posted at 2:49 p.m.
The investment holding company announced Friday a net loss of 35.2 million in the second quarter, compared to a profit of 3.1 million in the same period last year.
The company says the shortfall is primarily due to an unrealized loss of $24 million on its investment portfolio and the recording of a non-cash loss related to its stake in Kognitiv.
Aimia Chairman and CEO Phil Mittleman attributed the negative performance of the company’s investment portfolio to a global decline in stock values and tougher health restrictions in China.
The company said it renewed its share buyback program with the intention of repurchasing up to about 7.8 million shares.
Since the beginning of the year, the company has repurchased 1984,259 common shares at an average price of $4.69 per share.
Aimia has been working to reinvent itself since selling its flagship Aeroplan loyalty program to Air Canada in 2019.