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27
Mar

INTERRENT PROPERTIES LTD.

InterRent 25 per cent revenue increase

InterRent Properties Ltd

HOUS
Shares issued 16,439,444
2000-03-24 close $1.55

Monday Mar 27 2000
Mr. G. Michael Newman reports

InterRent Properties, an owner, operator and developer of multiunit residential income properties within the GTA, has provided its results for the second quarter ended Feb. 29, 2000. This is the first year as a public company and as such, prior year comparables are not available.

 

 

FINANCIAL HIGHLIGHTS
  2nd quarter

Feb. 29

Six months

Feb 29

Revenue $111,341 $198,072
Net Income (loss)per share (21,112) (214, 079)
EBITDA 39,424 77,655
EBITDA/share 0.00 0.005


InterRent has operated at a cash break-even level in the second quarter, notwithstanding the fact that one time non-operating costs exceeded $24,000 in the period. After depreciation, the corporation incurred a loss of $21,112 ($0.00 per share).
 

 

Revenue increased more than 25 per cent on a quarter-over-quarter basis and in fact, first half rental revenues exceeded revenue recorded for the entire previous year by more than 5 per cent. With financing commitments in place to complete the previously announced property acquisitions, the corporation should continue to experience an acceleration in revenue growth.


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CONTACT INTERRENT PROPERTIES LTD. www.interrentproperties.com