02/12/2013 08:43 EST | Updated 04/14/2013 05:12 EDT

Brookfield Residential Properties Inc. Reports Strong Fourth-Quarter

CALGARY - Brookfield Residential Properties Inc. (TSX:BRP) reported Tuesday that it more than doubled its profit in the fourth-quarter, partly attributed to improved operating results for the company in Canada and the U.S.

The Calgary-based residential land and housing company, which keeps its books in U.S. dollars, said its net income climbed to US$56 million, or 52 cents per share, for the three months ended Dec. 31, 2012. This was more than double from US$26 million or 25 cents per share for the same period in 2011.

"Our fourth quarter is typically our most profitable and this held true in 2012," said Alan Norris, president and CEO of Brookfield Residential in a statement.

Before taxes, earnings were US$65 million, up from US$49 million. Revenues jumped to US$715 million from US$365 million for the same period a year earlier.

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$12.5 Million Dollar Luxury Homes In Calgary

The company also reported its 2012 net income at US$93 million, or 91 cents per diluted share, up from US$7 million, or 7 cents per diluted share, in 2011. Its income before taxes was US$129 million, down slightly from US$130 million a year earlier.

Total revenue for the year was US$1.3 billion, an increase from $1 billion in 2011.

Brookfield says the large jump in revenue year-over-year was partly due to a one-time valuation allowance against the company in 2011 when Brookfield Office Properties residential division merged with Brookfield Homes Corporation.

Norris says the company is looking forward to a stable housing market in Canada and a growing U.S. portfolio, including the recently-acquired 65 acres of land it acquired for apartment buildings in the Playa Vista community in Los Angeles, Calif.

"We remain excited about the potential for our company," he said.

"Given our strong asset base, our solid capital position, and our industry-leading teams of residential real estate specialists, we believe we have at hand all of the tools we need to create tremendous shareholder value as the U.S. markets recover and the Canadian economy remains stable. We are therefore optimistic that our 2013 income before income taxes will exceed 2012."

Shares in Brookfield Residential Properties Inc. closed Tuesday at $20.15, up 27 cents or 1.36 per cent on the Toronto Stock Exchange.