Property manager FirstService posts surprise loss

Tue Apr 24, 2012 7:42am EDT
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(Reuters) - Canadian property manager FirstService Corp (FSV.TO: Quote) posted a surprise first-quarter loss as revenue fell by a fourth in its property services segment.

Net loss attributable to shareholders widened to $16.4 million, or 55 cents per share, from $9.9 million, or 33 cents per share, a year earlier.

Adjusted net loss was 10 cents per share, compared with earnings of 14 cents per share.

Revenue rose 2 percent to $490.1 million.

Analysts on average had expected the company to earn 19 cents per share on revenue of $497.6 million, according to Thomson Reuters I/B/E/S.

Revenue at its property services segment fell 26 percent to $84.8 million, hurt by lower volumes of distressed assets under management at Field Asset Services, a unit which provides pre-foreclosure and renovation field services to the mortgage services industry.

Shares of FirstService closed at C$30.44 on Monday on the Toronto Stock Exchange.

(Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)