Brookfield Residential cites strong Canadian housing market

Brookfield Residential Properties Inc. says there is continued strength in the Canadian housing market.

“The Canadian operations are performing well as a result of the stable economy, and in particular due to continued strong job growth in Alberta,” said Alan Norris, chief executive of Brookfield Residential, in a statement, as the company on Wednesday announced its 2011 third quarter financial results for the period ended September 30.

Brookfield, a North American land developer and homebuilder with an office in Calgary, said the results “reflected continued strength in the Canadian markets while challenges remained in the U.S. markets.”

For the nine months, revenue totalled $644 million US compared with $655 million for the same period in 2010. For the three months ended September 30, revenue totalled $228 million compared with $240 million for the same period of 2010. Fewer home closings resulted in the decrease in revenue during the third quarter of 2011, partially offset by an increase in lot sales, added Brookfield.

Brookfield Residential’s net income for the three months ended September 30, totalled $19 million or 19 cents per share, compared with net income of $35 million or 29 cents per share for the three months ended September 30, 2010.

Net loss for the nine months ended September 30, was $19 million or 19 cents per share, compared with net income of $91 million or 75 cents per share for the nine months ended September 30, 2010.

Brookfield Residential comprises the assets formerly owned by Brookfield Office Properties’ residential land and housing division and Brookfield Homes Corporation. Brookfield Residential currently sells from 22 active land communities and 34 active housing communities. It is active in 10 principal markets with over 100,000 lots controlled.

© Copyright (c) The Calgary Herald

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