Canada-based Brookfield Residential Properties Inc. (BRP: Quote,BRP.TO: Quote) posted first-quarter net income attributable to the company of $1 million, or $0.01 per share, compared to a net loss of $56.98 million, or $0.56 per share in the previous year period. The first quarter of 2011 included a one-time valuation allowance against the Company's U.S. deferred tax assets on the completion of the merger.
Quarterly revenues declined to $132.15 million from $180.13 million in the comparable quarter last year. For the quarter, housing revenues increased to $88 million from $83 million, as a result of increased home closings.
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by RTT Staff Writer
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