The Globe and Mail reports in its Friday edition that Aurora has posted a $1.3-billion loss in the quarter ended Dec. 31, prompting a warning from interim chief executive officer Michael Singer that the only path to survival in the struggling industry is through financial discipline and cost-cutting. The Globe's Mark Rendell quotes Mr. Singer saying Thursday on Aurora's second-quarter earnings call, "A company cannot continue to show losses in a market where you can no longer raise capital." Aurora announced last week a major corporate overhaul which included laying off 500 employees and renegotiating its debt agreements. Aurora's massive net loss for the quarter was driven by more than $1-billion in writedowns, principally on assets in Europe and South America. The company's revenue was down 26 per cent, sequentially, falling to $56-million from $75-million. The results were largely in line with numbers the company prereleased last week. Meanwhile, Aurora's costs ballooned, with selling, general and administrative (SG&A) costs in the quarter rising 23 per cent to $100-million. The company is aiming keep capital expenditures below $100-million over the next two quarters, and is hoping to cut SG&A costs by half.