March 11, 2010 / 11:45 AM / 8 years ago

UPDATE 1-Xceed Mortgage swings to Q1 net loss

* Q1 loss C$0.42/shr vs EPS C$0.12 last year

* Writes down C$8.1 mln in fair-value adjustments

March 11 (Reuters) - Insured mortgages provider Xceed Mortgage Corp XMC.TO swung to a first-quarter loss, hurt by negative fair-value adjustments related to its discontinued business line of uninsured mortgages.

The company posted a net loss of C$11.8 million, or 42 Canadian cents a share, compared with a profit of C$3.3 million, or 12 Canadian cents a share, in the year ago period.

The company reported negative total revenue of C$2.7 million, compared with positive revenue of C$8.5 million last year.

Xceed said it wrote down about C$8.1 million in fair-value adjustments.

Shares of the Toronto, Ontario-based company closed at C$1.85 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Anne Pallivathuckal)

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