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Brookfield Residential says Q3 profits weaken to $15 million as revenue grows

11/06/2012 05:47 EST | Updated 01/06/2013 05:12 EST
CALGARY - Brookfield Residential Properties Inc. (TSX:BRP) said Tuesday that third-quarter net income fell to US$15 million while revenues strengthened.

The Calgary-based residential land and housing company said earnings were equal to 15 cents a share, compared to $19 million, or 19 cents per share, a year earlier.

Before taxes the earnings were $25 million, down from $29 million.

Revenues increased to $245 million from $228 million.

Brookfield Residential chief executive Alan Norris said the company will likely meet or surpass its guidance targets.

"Given the nature and operating cycle of our business, our fourth quarter typically accounts for the highest proportion of the year's income before income taxes," he said.

"Based on current backlog, we expect fourth quarter 2012 results will be similar to the results achieved in the fourth quarter of 2011."

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