Cannabis company Aphria Inc. slashed its outlook as it reported a loss in its latest quarter.
Aphria said it now expects net revenue for its 2020 financial year between $575 million and $625 million and adjusted earnings before interest, taxes, depreciation and amortization between $35 million and $42 million.
That compared with guidance in October for net revenue between $650 million and $700 million and adjusted earnings before interest, taxes, depreciation and amortization between $88 million and $95 million.
The revised forecast came as Aphria reported a net loss of $7.9 million or three cents per share for the quarter ended Nov. 30 compared with a profit of $54.8 million or 22 cents per share in the same quarter a year ago.
Net revenue in what was the second quarter of Aphria’s 2020 financial year totalled $120.6 million, up from $21.7 million a year earlier.
Aphria also announced Irwin Simon would become the company’s chief executive. Simon, who is also Aphria’s chairman, has been serving as interim chief executive since last February.
The Canadian Press