Business
MCAN Mortgage Corporation Announces Fourth Quarter and Fiscal 2018 Results
MCAN Mortgage Corporation Announces Fourth Quarter and Fiscal 2018 Results Canada ...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces Fourth Quarter and Fiscal 2018 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\n\nCanada NewsWire\nTORONTO, Feb. 22, 2019\n\n\n\nStock market symbol TSX: MKP \n TORONTO, Feb. 22, 2019 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") announced net income of $3.5 million ($0.15 per share) for the fourth quarter ended December 31, 2018, down 67% from $10.8 million ($0.47 per share) in the fourth quarter of 2017.  Net income for the fourth quarter of 2018 included a $4.2 million unrealized loss on marketable securities, which negatively impacted earnings per share by $0.17.  Net income for fiscal 2018 was $36.3 million ($1.54 per share), a decrease of $3.6 million (9%) from $39.9 million ($1.72 per share) in 2017.\nHighlights\nFinancial Performance\nQ4 2018\nThe aforementioned unrealized loss of $4.2 million consisted entirely of a reduction in the fair value of the real estate investment trust (\"REIT\") component of our marketable securities portfolio. Subsequent to year end, the value of the marketable securities portfolio recovered, consistent with the broader market. In Q4 2017, we recorded an unrealized gain on marketable securities of $2.3 million through accumulated other comprehensive income in accordance with IAS 39. Equity income from MCAP Commercial LP (\"MCAP\") decreased by $2.2 million (40%) from Q4 2017 due to a reduced ownership interest and compressed spreads, which were consistent with the broader market. Return on average shareholders' equity was 4.66% in Q4 2018 compared to 14.63% in Q4 2017.Fiscal 2018\nIncome from non-marketable securities decreased by $3.5 million (39%) from 2017 as a result of lower distribution income from our investment in Crown Realty II Limited Partnership (\"Crown LP\") as it sold the last remaining property in its opportunity fund. Equity income from MCAP decreased by $1.2 million (9%) from 2017 due to a reduction in our ownership interest from 14.41% in 2017 to 13.71% at December 31, 2018 and compressed spreads. Unrealized net loss on securitie...