Canwest reports $1.69B net loss for 2009

WINNIPEG – Despite “substantially reduced” operating expenses, Canwest reported a net loss of $1.69 billion for its fiscal year ended August 31, 2009.The loss included $1.42 billion in non-cash impairment losses on goodwill, intangible assets and property and equipment, interest rate and foreign currency swap losses of $150 million, and foreign exchange gains of $278 million. By comparison, Canwest’s net loss for fiscal 2008 was $1.04 billion.Revenues decreased 8% to $2.87 billion, while operating profits before restructuring, impairment and other expenses decreased by 25% to $462 million.But president and CEO Leonard Asper described the beleaguered company’s business units as well positioned “to be...