September 9, 2010 / 11:32 AM / in 7 years

UPDATE 1-Xceed Mortgage posts Q3 profit on securitization income

* Q3 EPS C$0.05 vs C$0.27 loss per share last year

* Says general improvement in mortgage market helped

Sept 9 (Reuters) - Canada’s insured mortgages provider Xceed Mortgage Corp (XMC.TO) reported a third-quarter profit, helped by an improvement in market pricing for mortgages and higher securitization income.

For the April-July quarter, the company reported net income of C$1.4 million or 5 Canadian cents a share, compared with a loss of C$7.5 million or 27 Canadian cents a share in the year-ago quarter.

Interest earned fell 35 percent to C$683,000.

Securitization income rose to C$4.4 million, against a loss of C$2 million reported last year.

Mortgages and other assets under administration were C$1.67 billion at the end of the third quarter, down 16 percent from last year.

Shares of the Toronto-based company, which have lost nearly 30 percent in their value over the past three months, closed at C$1.05 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalor; Editing by Vyas Mohan)

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