VANCOUVER - Retirement home owner Amica Mature Lifestyles widened it losses by more than 50 per cent in the third quarter from the same period last year to $2.5 million.
The loss was attributed to an increase in finance costs, hits on interest and deprecation, and a decrease in tax recoveries. The company also cited challenges through the winter with "higher turnover and slower traffic."
The Vancouver-based company reported increased revenue of $19.7 million for the quarter, compared with a $1.6-million loss on $15.6 million in revenue in the third quarter of 2011.
Amica (TSX:ACC) signed a deal last November to buy Quinte Gardens, a 239-suite retirement residence in Belleville, Ont., for $70.5 million. The acquisition was completed in January 2012.
Acquisitions were a driving force behind the 27 per cent boost in revenue in the third quarter, the company said.
"These results reflect the acquisition of increased ownership interests in existing Amica communities in fiscal 2011, continued strength in our overall occupancy results in our mature consolidated communities and the Quinte Gardens acquisition completed in January 2012," it said in a release.
Net loss was 10 cents per share, compared to eight cents in the same period last year.
"Our fourth quarter will represent the first full quarter with consolidated operating results of Quinte Gardens and proportionately consolidated operating results of Amica at Dundas," said Samir Manji, chairman, president and CEO of Amica.
"We continue to focus on identifying additional opportunities for internal consolidations, third party acquisitions and new development opportunities."