November 3, 2009 / 1:35 PM / in 8 years

UPDATE 1-FirstService results slip on tax charge

* Adj EPS $0.60 vs $0.68 year ago

* Revenue flat at $451.1 million

(Adds details. In U.S. dollars)

TORONTO, Nov 3 (Reuters) - Property services company FirstService Corp (FSV.TO) reported a smaller quarterly profit on Tuesday hurt by a deferred income tax charge and weakness in the commercial real estate sector.

The company posted a third-quarter profit of $4.8 million, or 16 cents a share for the quarter that ended Sept. 30, down from $115.1 million, or 36 cents a share for the same time a year earlier.

The 2009 quarter included a non-cash valuation allowance related to deferred income tax assets, which reduced earnings per share by 11 cents.

Adjusted diluted net earnings per share from continuing operations slipped to 60 cents a share from 68 cents in the year-before quarter.

Revenue was almost flat at $451.1 million.

Analysts were expecting an average of 61 cents a share and revenue of $453.7 million, according to Thomson Reuters I/B/E/S.

The company’s commercial real estate unit posted a 16 percent drop in revenue to $156 million, pressured by the global economic slowdown, which has hit leasing activity. The company’s Residential Property Management and Property Services divisions reported increases. ($1=$1.08 Canadian) (Reporting by Scott Anderson, editing by Dave Zimmerman)

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