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Business Watch
CD maker's Q-2 loss $14M
TORONTO -- CD and DVD maker Cinram International Income Fund (TSX:CRW.UN) says it dramatically widened its second-quarter net loss on a big one-time debt charge.
The Toronto-based company, which reports in U.S. dollars, said Tuesday it lost US$14.0 million or 26 cents per unit in the second quarter, compared to a loss of $612,000 or one cent per unit a year earlier. Revenue was $255.9 million, down 14 per cent from $298.4 million in the comparable period of 2009.
The bigger loss was the result of a one-time debt charge that negatively affected the company's balance sheet.
REIT reports income gain
TORONTO -- Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN), a Toronto-based property owner, reports its net operating income rose to $49.1 million from $45.5 million in the second quarter.
The company said late Tuesday its operating revenues rose to $82.6 million from $79.7 million, mainly from higher rents, rising occupancy rates and the impact of past acquisitions.
"The investments we have made in our properties, as well as in our operating structure and procedures, are now paying off in terms of higher revenues and lower operating and overhead costs," said Thomas Schwartz, president and CEO.
The company is one of Canada's largest residential landlords, with interests in 27,228 apartments and two manufactured home communities across Canada.
Court to rule on Black suits
TORONTO -- The Ontario Court of Appeal says it will release a decision Friday on whether several libel lawsuits filed by Conrad Black should proceed in Ontario.
The former media mogul has filed six libel actions in Ontario Superior Court over statements that were posted on a website.
The defendants are members of a special committee of Hollinger International -- the company that Black once ran as its CEO.
The statements were originally published on the Sun-Times Media Inc. website and then republished by many media outlets in Ontario.
Moss maker records loss
VANCOUVER -- Peat moss and potting mix producer Sun Gro Horticulture Income Fund (TSX:GRO.UN) recorded a second-quarter loss of $5.5 million as a big foreign exchange loss eroded both its top and bottom lines.
The Vancouver-based company's second-quarter loss amounted to 25 cents per unit, falling from a $9 million, or 41 cents per unit, profit a year ago. The company said Tuesday its second-quarter revenues were down 13 per cent to $56.1 million from $64.9 million, due to a significantly stronger Canadian dollar.
With a higher loonie, Sun Gro's sales generated from its U.S. operations in American dollars were lower when translated into Canadian currency on the company's books.
-- from the news services
Republished from the Winnipeg Free Press print edition August 11, 2010 B7
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