(RTTNews) - Chimera Investment Corp. (CIM: News ), a real estate investment trust, Monday turned to a profit in the third quarter from a year ago, reflecting a surge in interest income.

The New York-based company's third quarter net income was $158 million or $0.24 per share, compared to a net loss of $107.6 million or $2.76 per share in the year ago quarter.

Chimera Investment's third quarter core earnings increased to $85.9 million from $6.3 million in the same quarter last year. On a per share basis, profit declined to $0.13 from $0.16 in the year ago period.

Net interest income for the quarter rose to $95.49 million from $7.92 million in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share on a revenue of $88.46 million for the quarter. Analysts' estimates typically exclude one-time items.

Chimera Investment's interest income was $104.69 million, up from $23.45 million while interest expense for the quarter was down at $9.19 million from $15.54 million in the year ago period.
Third quarter net investment income was $167.75 million compared to net investment expense of $105.61 million in the comparable quarter last year.

Loan Loss Provision was $47 thousand compared to a reduction in loan losses of $563 thousand in the prior year quarter.

The company declared common stock dividends for the current quarter, prior quarter last year and the quarter ended June 30 of $0.12, $0.16 and $0.08 per share respectively.The annualized dividend yield on the company's common stock for the third quarter, based on September 30 closing price of $3.82 was 12.57%.

CIM closed Monday's regular trading at $3.68, up $0.19 or 5.44%, on a volume of 10.44 million shares on the NYSE. In after hours, the stock further gained $0.06 or 1.63%, trading at $3.74.

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by RTT Staff Writer

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