April 27, 2011 / 12:52 PM / 7 years ago

CORRECTED-UPDATE 1-FirstService posts wider Q1 net loss

(Corrects year-ago EPS in first bullet point to 2 cents a share. In paragraph 5, corrects analysts’ profit expectation to 23 cents per share and revenue expectation to $436.9 million.)

* Q1 net loss $0.33 vs $0.02 yr ago

* Q1 rev up 19 pct to $478.9 mln

April 27 (Reuters) - Canadian property manager FirstService Corp posted a wider quarterly net loss, hit by an increase in income tax costs, even as revenue rose 19 percent.

The January-March net loss attributable to shareholders increased to $9.9 million, or 33 cents a share, from a year-earlier loss of $526,000 million, or 2 cents per share.

On an adjusted basis, FirstService earned 14 cents a share, down from 15 cents last year.

Revenue for the quarter rose 19 percent to $478.4 million.

Analysts on average expected the company to earn 23 cents a share on revenue of $436.9 million, according to Thomson Reuters I/B/E/S.

FirstService, which employs more than 20,000 staff worldwide, recorded a $4.3 million income tax expense in the first quarter — as it increased the valuation allowance for deferred income tax assets — which hit its earnings by 13 cents a share, it said.

Shares of the Toronto-based company closed at C$37.38 on Tuesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore, Editing by Ian Geoghegan)

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