Onex Corp. says it swung to a significant loss in the first quarter as a result of market volatility and economic disruption from the COVID-19 outbreak.
The investment management firm, which reports in U.S. dollars, says it had a net loss of $1.1 billion or $10.34 per diluted share for the quarter ending March 31, compared with net earnings of $195 million or $1.91 per diluted share last year.
The Toronto-based firm says $985 million of the losses were from its investing segment as the pandemic pushed down markets in March and created a broad net decline in the fair value of its underlying portfolio investments.
Onex says the decrease in fair value of its investments ranged from declines of between 1% and 77%, including declines in Parkdean Resorts, and WestJet Airlines that it took over last year.
It says that, as of the end of March, it had about $6 billion in shareholder capital under management.
The firm maintained its dividend of 10 cents per subordinate voting share.