Onex Corp. pulled itself out of the red and posted an $83-million profit in the second quarter as the private equity firm cut costs and readied itself for buying further distressed assets. The company said its profits were worth 68 cents per share for the quarter ended June 30, which compared to a loss of $18-million, or 14 cents per share a year earlier. Revenue fell 10 per cent to $6.1-billion from $6.8-billion. Also yesterday, the company sold a piece of its stake in NYSE-traded Emergency Medical Services Corp. for about six times the price it paid in 2005. OCX (TSX) rose 30 cents to $22.01.
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