October 8, 2009 / 10:44 PM / 9 years ago

UPDATE 1-Amica posts small Q1 loss; says CFO resigns

* Q1 loss C$13,000 vs yr-ago profit C$539,000

* Says CFO Hitesh Kothary resigned

Oct 8 (Reuters) - Amica Mature Lifestyles Inc ACC.TO posted a small first-quarter loss due to investments to acquire ownership interests in certain co-tenancies, and said its chief financial officer resigned for personal reasons.

Amica, which is engaged in designing and marketing luxury homes, said CFO Hitesh Kothary’s resignation will be effective Dec 31. Kothary has been CFO since June 1.

For the quarter ended Aug 31, Amica reported a loss of C$13,000, compared with a profit of C$539,000, a year ago.

Quarterly revenue fell slightly to C$10.2 million.

Interest expense rose to C$1.7 million from C$1.6 million a year ago.

The company ended the first quarter with 89.2 percent overall occupancy in its mature communities, down from 90.8 percent at May 31.

Shares of the Vancouver, British Columbia-based company closed at C$4.21 Thursday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Ratul Ray Chaudhuri)

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