November 8, 2010 / 12:38 PM / 7 years ago

UPDATE 1-Brookfield Real Estate Services Fund Q3 profit falls

* Q3 EPS C$0.21/unit vs C$0.23/unit last year

* Q3 royalties down 3 pct

* Sees steadier housing industry through 2011

Nov 8 (Reuters) - Canada's Brookfield Real Estate Services Fund BRE_u.TO posted lower third-quarter results, hurt by a drop in sales in the industry, but expects a steadier housing industry through 2011.

"Much of the extreme volatility within the Canadian housing market over the past few years appears to have been worked out of the system," Chief Executive Phil Soper said in a statement.

For the July-September quarter, the fund earned C$2 million, or 21 Canadian cents per unit, down from C$2.2 million, or 23 Canadian cents a unit last year.

Royalties for the quarter fell about 3 percent to C$9.8 million.

The company's units closed at C$13.14 on Friday on the Toronto Stock Exchange, valuing the Toronto-based company at C$124.6 million.

They have gained 5 percent in value since posting second-quarter results in August. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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