Retirement home developer and operator Amica Mature Lifestyles Inc. (TSX:ACC) has reported a 123% increase in profit for its fiscal third quarter ending February 28, 2007.
Profits rose to $752,000 from $337,000 on the strength of a 9.4% increase in quarterly revenue (to $10.5 million from $9.6 million). Revenue growth was fuelled by fees from marketing and managing new retirement communities under development.
For the nine-month period ending February 28, 2007, Amica's net earnings rose 77% to $1.9 million compared with the same period in 2006. Revenue rose to $30.9 million from $28.6 million.
Amica share price range during the past week: between $12.75 and $13.25; 52-week: $13.70; 52-week low: $6.25.