May 15, 2008 / 12:02 PM / 10 years ago

FirstService swings to loss in fourth quarter

TORONTO (Reuters) - FirstService Corp (FSV.TO) said on Thursday it swung to a loss in the fourth quarter hampered by unfavorable market conditions.

The property services company, whose brands include Colliers International and Pillar to Pillar Home Inspections, said it lost a $9.4 million, or 40 cents a share, in the three months ended March 31, compared with a profit of $2.4 million, or 6 cents a share, a year earlier.

For the year, FirstService reported a profit of 85 Canadian cents a share, down from $1.08 the previous year.

The company sold its security division for about $187 million during the quarter and said it would focus on building up its real estate platforms through acquisitions.

FirstService said it had a net loss from continuing operations of $8.2 million, or 36 cents a share, compared with a profit of $2.6 million, or 9 cents a share, a year earlier.

    Revenue grew 35 percent in the quarter to $371.7 million from $275.7 million.

    ($1=$1.00 Canadian)

    Reporting by Frank Pingue; Editing by Scott Anderson

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