TORONTO - Xceed Mortgage Corp. (TSX: XMC) reports net income of $1.4 million in its third quarter
The company said the result included $700,000 (after tax) from the partial reversal of a write-down taken earlier this year in anticipation of an increase in loan losses in accounts of Xceed Mortgage Trust.
Xceed reported a loss of $7.5 million in the same quarter of 2009 and a net gain of $400,000 in the second quarter of this year.
For the first nine months of 2010, Xceed recorded a net loss of $10 million, compared with a net loss of $4.1 million in the comparable 2009 period.
The Toronto-based company reports assets under administration of $1.668 billion.
"We are pleased that Xceed now has posted consecutive quarters of improving profitability.” said chairman and CEO Ivan Wahl in a statement.
“Although our level of mortgage originations was lower than in prior quarters, as we were affected by changing market conditions and an apparent slowdown in our industry in July, Xceed still earned $1.4 million for the quarter.”
Xceed is a Canadian provider of insured residential mortgages.
