Goeasy shares fell $65.90, or 57%, to $49.65 in afternoon trading on the Toronto Stock Exchange. The company expects to record a $178 million charge for non-performing loans related to its LendCare business within the fourth quarter and a related charge-off of roughly $55 million for loan interest and charges. It also expects a net increase in the availability for credit losses on gross consumer loans of $86 million within the quarter in comparison with the quantity reported on September 30.
Goeasy also announced that Felix Wu has been appointed Chief Financial Officer, effective immediately. Wu has been in office on an acting basis since September thirtieth.
The company expects to report its fourth-quarter results on March 25.
Algoma Steel’s fourth-quarter loss widened to $364.7 million from $66.5 million a yr ago
Algoma Steel Group Inc. (TSX:ASTL)
Numbers for the primary quarter:
- Loss: $364.7 million (in comparison with a lack of $66.5 million a yr ago)
- Revenue: $455 million (from $590.3 million)
Algoma Steel Group Inc. reported a fourth-quarter net lack of $364.7 million, in comparison with a net lack of $66.5 million in the identical period last yr. That represented a net loss per common share of $3.36, compared with a net lack of 61 cents within the year-ago quarter.
The Sault Ste. The Marie-based steelmaker said its consolidated revenue was $455 million within the period ended Dec. 31, down year-over-year from $590.3 million.
According to Algoma, direct tariff costs totaled $60.6 million within the fourth quarter.
The company says its fourth-quarter shipments were 378,533 tons, down 31% year-on-year from 548,802 tons.
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The federal and Ontario governments have provided Algoma with $500 million in funding to assist the corporate cope with U.S. President Donald Trump’s steel tariffs. Michael Moraca, Algoma’s chief financial officer, says this can help strengthen its balance sheet.
Transat reported a lack of $29.5 million in the primary quarter, a five percent increase in revenue from the previous yr
Transat AT Inc. (TSX:TRZ)
Numbers for the fourth quarter:
- Loss: $29.5 million (in comparison with a lack of $122.5 million a yr ago)
- Revenue: $870.7 million (from $829.5 million)
Travel company Transat AT Inc. reported a lack of $29.5 million in its most up-to-date quarter, compared with a lack of $122.5 million a yr earlier, as its revenue rose 5%. The company said its loss for the quarter ended Jan. 31 was 73 cents per diluted share, compared with a lack of $3.10 per diluted share last yr.
Revenue for Transat’s first quarter totaled $870.7 million, up from $829.5 million a yr earlier. On an adjusted basis, Transat reported a lack of $1.18 per share in its most up-to-date quarter, in comparison with an adjusted lack of $1.90 per share a yr ago.
The results will probably be announced today ahead of the corporate’s annual general meeting.
Media tycoon Pierre Karl Péladeau is attempting to overhaul Transat’s board, but Glass Lewis and Institutional Shareholder Services (ISS) have each really helpful shareholders vote against Quebecor CEO’s proposal so as to add himself and two employees to a slimmed-down board.
RBC is acquiring fintech company Pinch Financial, terms not immediately available
Royal Bank of Canada proclaims that it has acquired financial technology company Pinch Financial Inc. Terms of the agreement weren’t immediately available.
Founded in 2017, Pinch helps simplify the mortgage application process. The company operates a platform that helps banks and lenders confirm borrower information online and expedite mortgage applications.
According to RBC, the acquisition will help the bank provide borrowers with a faster and easier mortgage experience. Janet Boyle, senior vice chairman of home financing at RBC, says the technology will help the bank speed up its digital roadmap to offer Canadians with a faster, more efficient mortgage experience.
