February 15, 2012 / 1:27 PM / in 6 years

UPDATE 1-FirstService posts 4th-qtr profit

Feb 15 (Reuters) - Property manager FirstService Corp posted a quarterly profit helped by strength in its residential property and commercial real estate segments.

Fourth-quarter net earnings attributable to shareholders were $65.6 million, or $2.01 a share, compared with a net loss of $3.7 million, or 12 cents per share, a year ago.

Adjusted earnings were 52 cents per share, up from 37 cents a share a year ago.

Revenue rose 8 percent to $594.9 million.

Revenue from residential property management rose 14 percent to $187.9 million, while the commercial real estate services segment posted revenue of $300.4 million, a 12 percent rise.

Analysts on an average were expecting the company to earn 52 cents per share on revenue of $603.9 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at C$29.53 on Tuesday on the Toronto Stock Exchange.

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