April 8, 2009 / 3:10 PM / 8 years ago

UPDATE 1-Amica Mature posts lower Q3 profit

* Q3 EPS C$0.01 vs EPS C$0.08 year-ago

* Revenue falls 10 pct to C$10.5 mln

* Says customer delays hurt results

* Shares fall 4 pct

April 8 (Reuters) - Amica Mature Lifestyles Inc ACC.TO posted a lower third-quarter profit due to a decline in the occupancy levels of its residences.

The company engaged in designing and marketing luxury homes reported a quarterly profit of C$0.2 million, or 1 Canadian cent per share, down from C$1.5 million, or 9 Canadian cents a share, in the prior-year period.

Revenue fell 10 percent to C$10.5 million.

“Some prospective residents are taking longer to make a decision to move to an Amica community, while others are forced to wait longer due to the time it is taking to sell their homes,” it said in a statement.

Overall occupancy in Amica’s mature residences at the end of the third quarter was 91 percent, compared with 95 percent in the corresponding quarter last year, the company said.

The company’s interest expenses rose by C$0.3 million to C$1.8 million.

Amica shares were down 4 percent at C$3.50 in late morning trade on the Toronto Stock Exchange. (Reporting by Richa Dubey in Bangalore; Editing by Gopakumar Warrier)

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