April 29, 2009 / 12:37 PM / 9 years ago

UPDATE 1-FirstService Q1 loss widens

* Q1 GAAP loss/shr $1.56

* Q1 adjusted earnings $0.08

April 29 (Reuters) - FirstService Corp FSRV.O (FSV.TO) posted a wider quarterly loss on Wednesday, hurt by a fall in revenue from commercial real estate services.

The property services company posted a first-quarter loss of $49 million or $1.67 a share, compared with a loss of $33.4 million, or 40 cents a share, a year earlier.

Revenue in commercial real estate service fell 30 percent to $118.5 million.

Excluding certain items, the company posted earnings of 8 cents a share, compared with a loss of 19 cents a share a year earlier.

FirstService reported a net loss from continuing operations of $44.7 million, or $1.56 a share, compared with a loss of $6.2 million, or 32 cents a share, in the year-ago quarter.

Analysts on average expected a loss of 8 cents a share on revenue of $386.6 million, according to Reuters Estimates.

Revenue fell 2 percent to $361 million.

“While we continue to face difficult market conditions in commercial real estate, we are confident that steps taken to streamline our operations will position us very well once market conditions return to normal,” Chief Executive Jay Hennick said in a statement.

The company’s shares, which have risen 13 percent over the last month, closed at C$12.64 on the Toronto Stock Exchange on Tuesday. They ended at $10.32 on Nasdaq, having risen 16 percent in the past month. (Reporting by Isheeta Sanghi in Bangalore; Editing by Mike Miller)

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