Business
InterRent International Properties Inc. Reports Revenue Increase of 199% For First Quarter Of 2006
InterRent International Properties Inc. Reports Revenue Increase of 199% For First Quarter Of 2006.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\nIIP - TSX.V \nI4N.F-Frankfurt \n\nTORONTO, Jan. 31 /CNW/ - InterRent International Properties Inc. (the\n\"Corporation\" or \"InterRent\"), an owner and operator of multi-unit residential\nincome properties within the Greater Toronto Area (GTA) and along the Highway\nNo. 401 corridor in Eastern and South Western Ontario released its financial\noperating results for the three months ended November 30, 2005. Revenues from\ncontinuing operations increased by 199% from the same quarter of last year to\n$1.79 million, and by 38% compared to the fourth quarter of fiscal 2005. Net\nloss declined by 83% to $31,069 compared to the same quarter of last year, and\nby 91% on a sequential basis from the fourth quarter of 2005. Expenses for\ncontinuing operations rose for the current quarter, to $2.08 million from\n$792,502 in the first quarter of the previous year. The entire loss of\n$273,040 from continuing operations was attributable to depreciation and\namortization of $273,168 (13.2% of total expenses), as compared to\ndepreciation and amortization of $105,795 and a loss of $196,576 for the\ncorresponding quarter of 2005., Funds From Operations, a non-GAAP measure of\nfinancial performance used by real estate companies was $22,923 for the\ncurrent quarter as compared to a negative FFO of ($40,066) in the\ncorresponding quarter of 2005.\n\n>\n\n%SEDAR: 00010579E\n\n\n","length":4157,"tagName":"div"}]