Brookfield Residential Properties Inc. (BRP: Quote,BRP.TO: Quote) reported that its second-quarter net income totaled $22 million or $0.22 per share, compared to $19 million or $0.19 per share last year.
"We remain on track to achieve the performance in our limited guidance for 2012. As we continue to enhance our disclosure, we have split out our parcel land sales to show them as acres as opposed to lot equivalent closings. Our translated guidance shows the Canadian operations are projected to close approximately 1,200 lots, 80 acres of multi-family, commercial and industrial parcels and 1,200 homes, and the U.S. operations are projected to close approximately 550 homes, which includes our share of unconsolidated entities. In addition, there are several potential bulk lot sales projected in the U.S. We therefore are optimistic about the balance of the year and believe that our 2012 operating income will exceed last year's normal recurring income," said Alan Norris, President and CEO of Brookfield Residential.
Revenues for the quarter rose to $248.26 million from $235.54 million in the prior year quarter.
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by RTT Staff Writer
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