Aphria posts $98.8 million net loss in Q4, missing analyst estimates

Aphria posts $98.8 million net loss in Q4, missing analyst estimates
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LEAMINGTON, Ont. — Aphria Inc. reports it had a $98.8 million net loss for its fourth quarter, despite higher revenue from cannabis products.

The Ontario-based company says its loss included a $64-million non-cash asset impairment expense largely related to the COVID-19 at some of its international businesses.

The loss also included non-operating losses related to investments that declined with the trading prices of securities.

The loss amounted to 39 cents per share for the quarter ended May 31, compared with a year-earlier profit of $15.8 million or five cents per share.

Net revenue increased 18 per cent to $152.2 million from $128.6 million.

Analysts had estimated a net loss of four cents per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published July 29, 2020

Companies in this story: (TSX:APHA)

The Canadian Press

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