TORONTO — Aimia Inc. reported a net loss of $35.2 million in its second quarter, compared with a profit of $3.1 million in the same quarter last year.

The investment holding company says the loss is mainly due to a $24 million unrealized loss on its investment portfolio and an $8.8 million non-cash equity pick-up of its share of Kognitiv's net loss.

Aimia CEO Phil Mittleman says the negative performance of the company's investment portfolio in the quarter was related to a global decline in equity values and COVID-related lockdowns in China.

The company says it renewed its normal course issuer bid program in the quarter with an intent to repurchase up to approximately 7.8 million shares.

It has repurchased 1,984,259 common shares at an average price of $4.69 per share year to date.

Aimia has been working to reinvent itself since it sold its flagship Aeroplan loyalty program to Air Canada in 2019.

This report by The Canadian Press was first published on Aug. 12, 2022.

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