CAE Inc. says it lost $484.3 million in its fourth quarter, compared with profits of $101.9 million a year earlier.

The Montreal-based flight simulator maker says revenues for the quarter ended March 31 were $1.1 billion, down from $1.2 billion during the same quarter last year.

Its loss per share was $1.58, compared with earnings per share of 29 cents a year earlier.

Last week, the company said it was expecting a loss of this magnitude due to a $568-million "goodwill impairment" for its beleaguered defence business. 

The company said it is making some changes, including a few moves in its upper ranks and operational changes.

On Monday, president and CEO Marc Parent said the company took the "necessary steps" toward improving CAE's margins in defence, and now has a "more balanced risk profile." 

This report by The Canadian Press was first published May 27, 2024.