Aimia reviewing strategic direction, reports $21.7M third-quarter profit

Aimia reviewing strategic direction, reports $21.7M third-quarter profit
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MONTREAL — Aimia Inc. says it has launched a review of its future strategic direction as it works to complete the sale of its Aeroplan program.

The loyalty rewards company says the board of directors has asked management to present it with alternative visions and plans regarding the company’s future after the sale of Aeroplan.

The review came as Aimia reported it earned $21.7 million or 11 cents per share in its third quarter, compared with a loss of $40.3 million or 29 cents per share in the same period last year

Revenue totalled $372.7 million for the quarter ended Sept. 30, up from $350.5 million in the third quarter of 2017.

Aimia signed a $450-million deal in August to sell the Aeroplan loyalty program to an Air Canada-led group, which includes TD Bank, CIBC and Visa Canada Corp.

The future of Aeroplan had faced questions after Air Canada rolled out plans to start its own loyalty rewards program in 2020 after its partnership with Aimia expired.

Companies in this story: (TSX:AIM, TSX:AC, TSX:TD, TSX:CM)

The Canadian Press

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