The Globe and Mail reports in its Friday, Oct. 30, edition that Bombardier's third quarter
slump is among the worst
reported by a Canadian company
since 2007.
A Bloomberg dispatch to The Globe reports that Bombardier lost $4.9-billion, the third-worst loss
by a Canadian company since
2007, after writing down its
CSeries jetliner, which has
been plagued by delays and
bleeding cash. Northland Wealth
Management manager David Cockfield says: "For a major Canadian company,
this is right up there. It is a big number." The Quebec
government pledged Thursday
to pay as much as $1.3-billion
to help bail out the aerospace
maker and take a 49.5-per-cent
interest in the CSeries program.
Bombardier trails only Barrick
Gold, which
posted an $8.56-billion
loss in the second quarter of
2013 and a $5.35-billion plunge
in the third quarter of 2009.
Bombardier is the second worst
performing stock in the
S&P/TSX Composite Index
this year with a 67-per-cent
retreat. Barrick has lost 17 per
cent in the same period.
The declines pale in comparison
with a $19.4-billion plunge
at Nortel Networks in
July, 2001, among the worst in
corporate history at that time.
© 2024 Canjex Publishing Ltd. All rights reserved.