Homburg Invest Inc. (HII: Quote) reported a second-quarter net loss of C$104.4 million or C$5.18 per share, wider than the net loss of C$40.2 million or C$1.99 per share in the comparable quarter last year.
Funds from operations for the quarter was C$7.0 million or a negative FFO of C$0.35 per share, compared to the negative FFO of C$1.8 million or negative FFO of C$0.09 per share last year.
Property revenue for the latest quarter declined to C$30.4 million from C$31.9 million last year.
Homberg also announced that it has obtained an order from the Superior Court under the Canadian Companies' Creditors Arrangement Act, or CCAA, further extending the CCAA protection granted to Homburg Invest and certain of its affiliates on September 9, 2011, as amended, until September 14, 2012, at which time the matter will be reviewed by the Court.
In addition, certain direct or indirect subsidiaries of the company are now also under the protection of the CCAA, namely North Calgary Land Ltd. and Homco Realty Fund (96) Limited Partnership.
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by RTT Staff Writer
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