Aurora Cannabis posts $985M loss as revenue tumbles
Sales fell 11% from the previous year
Aurora Cannabis posted a net loss of $985 million in the three months through December as revenue slid.
The loss, which amounted to C$1.3 billion Canadian dollars, heightens the pressure on interim CEO Michael Singer, who is overhauling the company with a focus on its bottom line. Dow Jones had estimated Aurora would report a loss of about C$1 billion for the quarter due to goodwill and impairment charges it announced last week.
Excluding expenses such as taxes and depreciation, Aurora said it lost $80.2 million, compared with $39.7 million in the previous three-month period.
ALASKA POT SHOPS AMONG FIRST IN US TO ALLOW ON-SITE CONSUMPTION
"Being a profitable cannabis company for our investors is the singular near-term focus for Aurora," Singer said in a statement.
Net sales at the Edmonton-based cannabis producer fell 11.4 percent from a year ago to C$56 million, compared with the C$65.5 million that analysts surveyed by Refinitiv were anticipating.
CLICK HERE TO READ MORE ON FOX BUSINESS
Aurora lost C$239.6 million in the same period in 2018.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ACB | AURORA CANNABIS INC. | 4.34 | +0.04 | +0.93% |
“Despite delivering modest growth in our core medical and consumer business" in the fiscal second quarter, "we took immediate and deliberate actions to align our company to current market conditions," Singer added.