* Q4 profit C$0.01/shr vs C$0.02 in the prior period
* Says not to pay executive bonuses in 2008
* Suspends Q1 dividend March 27 (Reuters) - Mortgage financier Quest Capital Corp QC.TO posted a lower quarterly net profit as it increased provision for loan losses, and suspended its first quarter dividend.
Net profit for the fourth-quarter halved to C$1.8 million, or 1 Canadian cent a share, from C$3.6 million, or 2 Canadian cents a share in the prior period.
Loan loss provisions for the quarter amounted to C$10.7 million. For the full year Quest’s loan loss provisions totaled C$13.7 million compared with no such provisions in 2007, the company said in a statement.
Quest said loan provisions for the quarter related to 10 loans made by the company amounting to C$56.5 million. Another 4 loans totaling C$47.2 million impaired during the quarter for which the company did not provide specific provisions, it added.
Quest said it decided not to pay executive bonuses for 2008 and added the company was shifting its focus from originating loans to problem loan remediation and capital preservation.
“This is not business as usual,” chief executive Stephen Coffey said.
Shares of the company closed at C$1 on Thursday on the Toronto Stock Exchange. (Reporting by Richa Dubey in Bangalore, Editing by Dinesh Nair) ((email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:firstname.lastname@example.org))