MONTREAL — CAE Inc. reported a loss in its fiscal second quarter as it was hit by one-time restructuring charges.
The simulator maker and training company says its loss attributable to equity holders was $5.2 million or two cents per share compared with a profit of $73.8 million or 28 cents per share a year earlier.
Revenue totalled $704.7 million for quarter ended Sept. 30, down from $896.8 million in its second quarter last year.
CAE says it saw $51.1 million in restructuring costs in the quarter compared with no restructuring charges a year ago.
The changes are expected to yield annual cost savings of approximately $50 million, starting in the company’s 2022 financial year.
CAE says its net income before specific items for the quarter amounted to $34.2 million or 13 cents per share for the quarter, down from $74.7 million or 28 cents per share in the same quarter last year.
This report by The Canadian Press was first published Nov. 10, 2020.
Companies in this story: (TSX:CAE)
The Canadian Press