FirstService 3Q profit down 4%
FirstService Corp. (FSRV) earned $5 million in the third quarter, or 17 cents per share, down 7% from the $5.3 million reported one year ago. Revenue for the three months ended Sept. 30 for the the parent company of several property management firms such as Field Asset Services increased 10% to $585 million from $530 million last year. But the property services segment showed declines. FAS and other property services subsidiaries handle many foreclosure proceedings. While the home sits vacant, upkeep such as lawn maintenance and winterization is needed. Third-quarter revenue for this segment dropped 2% to $123.8 million from more than $126 million last year. "Revenues in property services were down slightly as the property preservation and distressed asset management operations were impacted by continued government regulation and other constraints preventing banks and other mortgage servicers from taking action on their properties in distress, slowing the flow of new properties coming under management," said FirstService CEO Jay Hennick. Write to Jon Prior. Follow him on Twitter @JonAPrior.