Goeasy shares were down $65.90 or 57% at $49.65 in afternoon trading on the Toronto Stock Exchange. The company said it expects to take a $178-million charge for bad loans related to its LendCare business in its fourth quarter and a related writedown of about $55 million for loan interest and fees. It also expects a net increase in allowance for credit losses on gross consumer loans receivable in the quarter of $86 million compared with the amount reported at Sept. 30.
Goeasy also announced Felix Wu has been appointed chief financial officer, effective immediately. Wu has been in the job on an interim basis since Sept. 30.
The company expects to release its fourth-quarter results on March 25.
Algoma Steel’s fourth quarter loss widens to $364.7M from $66.5M last year
Algoma Steel Group Inc. (TSX:ASTL)
Numbers for its first quarter:
Loss: $364.7 million (compared to loss of $66.5 million a year ago)
Revenue: $455 million (down from $590.3 million)
Algoma Steel Group Inc. reported a net loss of $364.7 million in the fourth quarter compared with a net loss of $66.5 million during the same period a year earlier. That amounted to a net loss per common share of $3.36 compared with a net loss of 61 cents in the prior year quarter.
The Sault Ste. Marie-based steel producer says its consolidated revenue came in at $455 million during the period ended Dec. 31, down year over year from $590.3 million.
Algoma says its direct tariff costs totalled $60.6 million during the fourth quarter.
The company says its shipments during the fourth quarter were 378,533 tons, falling 31% annually from 548,802 tons.
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The federal and Ontario governments have provided Algoma with $500 million in financing to help support the company deal with U.S. President Donald Trump’s steel tariffs, which Algoma chief financial officer Michael Moraca says will help strengthen its balance sheet.
Transat reports $29.5M Q1 loss, revenue up five per cent from year ago
Transat A.T. Inc. (TSX:TRZ)
Numbers for its fourth quarter:
Loss: $29.5 million (compared to loss of $122.5 million a year ago)
Revenue: $870.7 million (up from $829.5 million)
Travel company Transat A.T. Inc. reported a loss of $29.5 million in its latest quarter compared with a loss of $122.5 million a year earlier as its revenue rose 5%. The company says the loss amounted to 73 cents per diluted share for the quarter ended Jan. 31, compared with a loss of $3.10 per diluted share last year.
Revenue totalled $870.7 million for what was Transat’s first quarter, up from $829.5 million a year earlier. On an adjusted basis, Transat says it lost $1.18 per share in its latest quarter compared with an adjusted loss of $1.90 per share a year earlier.
The results come ahead of the company’s annual meeting today.
Media magnate Pierre Karl Péladeau is trying to overhaul Transat’s board but Glass Lewis and Institutional Shareholder Services (ISS) have both recommended that shareholders vote against the Quebecor CEO’s proposal to install himself and two associates on a slimmed-down board.
RBC acquires fintech company Pinch Financial, terms not immediately available
Royal Bank of Canada says it has acquired financial technology firm Pinch Financial Inc. Terms of the agreement were not immediately available.
Pinch was founded in 2017 and helps simplify the mortgage application process. It operates a platform that helps banks and lenders verify borrower information online and speed mortgage applications.
RBC says the acquisition will help the bank offer a faster, simpler mortgage experience for borrowers. Janet Boyle, senior vice-president of home equity financing at RBC, says the technology will help the bank accelerate its digital road map to deliver a quicker, more streamlined mortgage experience for Canadians.
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