Firm Capital Mortgage Investment Corporation Announces Q3/2016 Results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\nFirm Capital Mortgage Investment Corporation Announces Q3/2016 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nFirm Capital Mortgage Investment Corporation Announces Q3/2016 Results\nCanada NewsWire\nTORONTO, Nov. 10, 2016\n\n\n\nTSX Symbol FC\n\n\n\nTORONTO, Nov. 10, 2016 /CNW/ - Firm Capital Mortgage Investment Corporation (the \"Corporation\") (TSX FC) today released its financial statements for the three and nine months ended September 30, 2016.\n\nHIGHLIGHTS\n\nPROFITIncome and profit (referred to herein as \"Profit\") for the three months ended September 30, 2016 increased by approximately 7% to $5,406,432 as compared to $5,056,752 for the same period in the prior year. Profit for the nine months ended September 30, 2016 increased by approximately 8% to $15,821,762 compared to $14,705,051 for the nine months ended September 30, 2015.  \n\nBasic weighted average profit per share for the three months ended September 30, 2016 was $0.241, compared to $0.249 per share reported for the same period in 2015.  Basic weighted average profit for the nine months ended September 30, 2016 was $0.733, compared to $0.727 per share reported for the same period in 2015. \n\nPORTFOLIO GROWTHThe Corporation's investment portfolio (the \"Investment Portfolio\") as at September 30, 2016 increased by $30.6 million to approximately $433.5 million compared to $402.9 million as at December 31, 2015 (before the impairment provision of $4.23 million for both period ends). \n\nRETURN ON EQUITYThe Corporation continues to exceed its yield objective of producing a return on shareholders' equity in excess of 400 basis points over the average one year Government of Canada Treasury bill yield. Profit for the quarter ended September 30, 2016 represents an annualized return on shareholders' equity (based on the month end average shareholders' equity in the quarter) of 9.08%, which is 854 basis points per annum over the average one year Government of Canada Treasury bill yield of 0.54%.\n\nINVESTMENT PORTFOLIO DETAILS\n\nDetails on the Corporation's investment portfolio ...

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