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MCAN Mortgage Corporation Announces Fourth Quarter Earnings
MCAN Mortgage Corporation Announces Fourth Quarter Earnings Canada NewsWire TORO...
About this update from Mcan Mortgage Corporation
[{"type":"text","content":"\n\n\n\nMCAN Mortgage Corporation Announces Fourth Quarter Earnings\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. 23, 2018\n\n\n\nStock market symbol TSX: MKP \n\n\n\nTORONTO, Feb. 23, 2018 /CNW/ - MCAN Mortgage Corporation (\"MCAN\", the \"Company\" or \"we\") announced net income of $10.8 million ($0.47 per share) for the fourth quarter ended December 31, 2017, up from $9.0 million ($0.39 per share) in Q4 2016.  Net income for fiscal 2017 was $39.9 million, down slightly from record net income of $40.2 million earned in fiscal 2016.  \n\nHighlights\n\nNet Income\n\nQ4 2017\n\n\nNet income was $10.8 million in Q4 2017, an increase of $1.8 million (20%) from $9.0 million in Q4 2016. The increase was driven by higher equity income from MCAP Commercial LP (\"MCAP\") and income from financial investments and other loans, partially offset by higher operating expenses.\nEarnings per share increased by $0.08 (21%) to $0.47 in Q4 2017 from $0.39 in Q4 2016.\nReturn on average shareholders' equity increased to 14.63% in Q4 2017 from 12.94% in Q4 2016.\n\nFiscal 2017\n\n\nFor fiscal 2017, net income was $39.9 million compared to $40.2 million in 2016.\nEarnings per share totalled $1.72 in fiscal 2017, comparable to $1.75 per share in fiscal 2016.\nReturn on average shareholders' equity was 13.75% in fiscal 2017 compared to 14.74% in fiscal 2016.\nPositive net income variances from fiscal 2016 include higher income from financial investments and other loans and equity income from MCAP, offset by lower corporate mortgage interest, lower fees and higher operating expenses in fiscal 2017.\nOur equity investment in MCAP continued to provide solid equity income of $14.4 million, up from $13.5 million in 2016.\nIncome from financial investments and other loans, relating primarily to our investments in the Crown Realty II Limited Partnership (\"Crown LP\") and the KingSett High Yield Fund, increased by $2.5 million (39%) to $9.0 million in fiscal 2017 from $6.5 million in fiscal 2016.\n\nDividend\n\n\nConsistent with the prior quarter, the Boa...