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AutoCanada Income Fund reports Q3 profit compared with loss a year ago

From The Canadian Press, November 6, 2009 - 9:02 p.m.

AutoCanada Income Fund reports Q3 profit compared with loss a year ago

By The Canadian Press

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EDMONTON - AutoCanada Income Fund (TSX:ACQ.UN) said Friday that it earned $5.1 million in its latest quarter compared with a loss of $38.3 million a year ago.

The auto dealership income trust said the profit amounted to 26 cents per share for the quarter ended Sept. 30 compared with a loss of $1.89 per share a year ago.

Revenue totalled $212.9 million, down from $216.7 million.

"The fund and the automotive retail industry still face significant challenges as a result of the decline in demand in Western Canada for new vehicles due to the global recession and credit crisis," AutoCanada chief executive Patrick Priestner said in a statement.

"Despite an industry-wide decline in retail sales, we are pleased that our relative market share has increased in most geographical markets in which we operate."

The fund also said Friday that it plans to convert to a corporate structure because the tax changes coming for income trusts.

Unitholders will vote on the conversion at a meeting on Dec. 17.