April 28, 2010 / 12:26 PM / in 8 years

UPDATE 2-FirstService posts narrower Q1 loss

* Q1 loss/shr $0.02 vs loss/shr $1.54

* Q1 adj EPS $0.15

* Rev up 11 pct (Adds details; recasts)

April 28 (Reuters) - Canadian property management company FirstService Corp (FSV.TO) posted a narrower quarterly loss, helped mainly by growth in its commercial estate services division.

Net loss in the first quarter shrunk to $526,000, or 2 cents a share, from $48.5 million, or $1.54 a share, a year earlier.

On an adjusted basis, the company posted earnings of 15 cents a share.

    Analysts on average were expecting the company to earn 17 cents a share, according to Thomson Reuters I/B/E/S.

    Revenue was up 11 percent to $402.4 million, helped by a 30 percent rise in sales at Colliers International, the company’s commercial real estate services arm.

    Colliers posted a profit for the first time since 2007, reflecting an improvement in the real estate markets, Chief Executive Jay Hennick said in a statement.

    Shares of the Toronto-based company closed at $24.55 Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni Menon)

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