July 25, 2012 / 11:37 AM / in 5 years

FirstService adj profit falls on weak foreclosures

July 25 (Reuters) - Canadian property manager FirstService Corp reported an 18 percent fall in second-quarter adjusted profit as weakness in foreclosure services hurt its property services business.

Foreclosures in the United States were down 11 percent in the first half of 2012, according to RealtyTrac, a real estate information company.

On an adjusted basis, income fell to $13.7 million, or 45 cents per share, from $16.6 million, or 54 cents per share, a year earlier.

Net profit attributable to common shareholders rose to $8.4 million, or 28 cents per share, from $3.4 million, or 11 cents per share, a year earlier, helped by lower tax costs.

Total revenue rose 5 percent to $593.2 million, but property services revenue fell 29 percent to $87.5 million.

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