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Onex profit jumps as revenue climbs 16 per cent

The Onex logo is displayed at the company's annual general meeting in Toronto on Thursday, May 10, 2012.

Nathan Denette/THE CANADIAN PRESS

Onex Corp. (TSX:OCX) reported Friday it earned US$399-million in its latest quarter as revenue grew 16 per cent.

The private equity firm, which keeps its books in U.S. dollars, said the profit amounted to $3.22 per share for the quarter ended Sept. 30 compared with a profit of $98-million or $1.50 per share a year ago.

The jump in profit came as Onex recorded a $551-million recovery of income taxes compared with $89-million a year ago.

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Revenue for the quarter totalled $7.13-billion, up from $6.14-billion, boosted by acquisitions made last year.

Onex noted that it has a strong financial position as it looks for new acquisitions with $1.5-billion of cash and near-cash equivalents and roughly $1-billion in undrawn committed capital.

The company holds investments in a wide range of companies including a large stake in electronics maker Celestica Inc. (TSX:CLS).

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