February 25, 2009 / 1:23 PM / in 9 years

UPDATE 1-FirstService reports quarterly loss

* Q3 loss of $1.36 a share vs 19 cents EPS in ‘07 quarter

* Continuing oper loss $19 mln, vs earnings $11.1 mln (In U.S. dollars, unless noted)

TORONTO, Feb 25 (Reuters) - FirstService (FSV.TO) reported a quarterly loss on Wednesday, largely due to a drop in revenue from its commercial real estate services.

The property services company posted a third-quarter loss of $39.8 million, or $1.36 a share, compared with a profit of $5.4 million, or 19 cents a share, a year earlier.

FirstService reported a net loss from continuing operations of $19 million, of 74 cents a share, from net earnings from continuing operations $11.1 million, or 25 cents a share, a year earlier.

On an adjusted basis, which excludes some items, the company lost 18 cents a share from continuing operations, compared to earnings of 49 cents a share, a year earlier.

Revenue dropped 7 percent to $417.9 million.

Commercial real estate firm Colliers International and property manager FirstManagement are among Toronto-based FirstService’s brands. ($1=$1.24 Canadian) (Reporting by John McCrank; Editing by Derek Caney)

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