October 29, 2008 / 12:08 PM / 9 years ago

UPDATE 1-FirstService quarterly profit boosted by gain

* Records $2.34 a share after-tax gain from asset sale

* Earnings from continuing operations slip 22 percent (In U.S. dollars)

TORONTO, Oct 29 (Reuters) - FirstService Corp (FSV.TO) reported a higher quarterly profit on Wednesday because of an after-tax gain related to the sale of its Integrated Security unit.

The property services company said it earned $78.2 million, or $2.64 a share, in its second quarter, ended Sept. 30, up from $15.97 million, or 50 cents, in the corresponding quarter of 2007. An after-tax gain of $2.34 a share was recorded in the quarter.

Earnings from continuing operations slipped to $12.4 million, or 33 cents a share, from $15.86 million, or 44 cents, a year earlier. On an adjusted basis, which excludes some items such as certain expenses, FirstService earned 62 cents a share from continuing operations, up from 53 cents a share, a year ago. (Reporting by Ka Yan Ng; Editing by Steve Orlofsky)

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