Bridgemarq Real Estate Services posted an increase in its net earnings in the second quarter of 2019.
Net earnings for the quarter were $7.8 million as a result of a gain of $6.7 million on the fair value of the exchangeable units issued by the Company. This compared to a net loss of $3.7 million or $0.39 per share, for the same period in 2018.
The company added more Realtors to its real estate services brands to a total 19.046 at the end of June compared to 18,780 a year earlier. This was the primary reason for increased revenues during the second quarter of $11.7 million, compared to $11.5 million in the same period in 2018.
"We are pleased with the Company's financial performance this quarter. Of note are our two largest cities, Toronto and Vancouver, where home sale volumes appear to be returning to normal after the market correction of 2018," said Phil Soper, President and Chief Executive Officer, Bridgemarq Real Estate Services. "Leveraging the industry's best technology, training and support, our brands remain attractive to new brokerages and agent recruits. As a result, the Company continues to generate a healthy and reliable revenue stream that allows for increased investment in our leading delivery platform while supporting the goal of paying a significant portion of cash flow as dividends to shareholders."
