Aurora halts work on two facilities

Aurora Cannabis Inc. says it is halting construction of two production facilities to save more than $190 million as part of a plan to strengthen its balance sheet.

The Edmonton-based cannabis producer says it will immediately cease construction of its Aurora Nordic 2 facility in Denmark to save about $80 million over the next year, and indefinitely defer completion of construction and commissioning at its Aurora Sun facility in Alberta to conserve $110 million.

The construction halts come as the company reported net income of $10.4 million for the quarter ending Sept. 30, compared with net income of $104.2 million for the same quarter last year.

Revenue was $75.3 million for its first quarter of fiscal 2020, up from $29.7 million for the same quarter last year, but down from the $94.6 million in the quarter ended in June.

Analysts had expected revenue of $93.31 million, according to data firm Refinitiv.