The quarterly performance wasn't abysmal -- Aphria continued to show progress and increase its sales. However, Aphria said it took a $63.9 million impairment charge as the pandemic impacted production efforts in its businesses located in Jamaica, Lesotho, Colombia, and Argentina, as well as $27 million from a revaluing of its convertible debentures.
Unfortunately, they didn't impress investors.
It was the company's only blemish during the fiscal year, but it's a 10% increase from the CA$58 million impairment charges that Aphria incurred in the previous fiscal year. Aphria's still a better buy than its peers, and these results don't change that.
Aphria recorded an even smaller impairment charge of CA$64 million in Q4. Découvrez comment nous utilisons vos informations dans notre Politique relative à la vie privée et notre Politique relative aux cookies.
", The stock symbol {{StockChart.Ric}} does not exist, Aurora Cannabis casts plan toward profitability following dismal Q4 results, Legal cannabis, but not infused products, a draw for new consumers, survey finds. "At Aphria, we are setting ourselves apart from the rest of the cannabis industry," Aphria Chair and CEO Irwin Simon said in a release. Sales of legal cannabis rose about 20 per cent to $545.5 million from March to May from the prior three-month period, according to Statistics Canada. Earlier this month, BNN Bloomberg reported that Aphria and Aurora were engaged in merger discussions but talks fell apart due to disagreements about board composition and executive compensation. Good morning. The company's cannabis sales of CA$65.5 million in Q4 were only slightly above the CA$64.4 million it recorded in Q3.
Although the amount is relatively low compared to some of its rivals, these charges still serve as a reminder to investors that as well as the company's performed, Aphria faces many of the same industry challenges as its peers.
Despite the rise in sales, Canadian cannabis companies have struggled to demonstrate a steady quarterly run of profits. In the months that followed, monthly sales have been about CA$180 million, which is about a 20% improvement. Perhaps most disappointing was that Aphria incurred a loss of CA$84.6 million for the full fiscal year.
Aphria (NYSE: APHA) stock was a star in late trading on Thursday, following the release of its fiscal Q4 2019 results after market close.. "We don't need it, but if there's an opportunity to consolidate and get efficiencies and get costs out of there, we'd very much like to be a part of that. Investors need to remember that this was just one quarter and the cannabis company still grew and posted positive (adjusted) earnings, indicating that it remains on the right track.
Simon said during a television interview with BNN Bloomberg Wednesday that the impairments "makes sense in the long term of the business" and those businesses weren't much of a focus for him when he took on the CEO role last year.
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