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Altus Group Q4 profits shrinks to $900,000 from year-ago despite higher revenues

TORONTO - Altus Group Income Fund's fourth-quarter and full-year profits were lower compared with a year ago despite higher revenues, the real estate consulting company said Monday.

TORONTO - Altus Group Income Fund's fourth-quarter and full-year profits were lower compared with a year ago despite higher revenues, the real estate consulting company said Monday.

Altus said net income shrunk in the final quarter ended Dec. 31 to $900,000 or five cents per unit from $3.4 million or 19 cents in the same period a year earlier.

The Toronto company's revenues rose to $64.5 million from $54 million.

For the full year, Altus Group (TSX:AIF.UN) earned $3.4 million or 18 cents per unit versus $9.5 million or 55 cents per unit in 2008. Revenues for fiscal 2009 rose five per cent to $219.8 million.

For the full year, Altus declared distributions of $1.20 per unit.

Late last year, Altus completed the acquisition of Page Kirkland Group, an Australia-based cost and project management consultant that operates in eight countries throughout the Asia-Pacific region.

The fund said it will continue its expansion through acquisitions in the year ahead.

"With Asia projected to drive a dramatic percentage of worldwide economic growth in 2010, the timing of this acquisition has been ideal and our pursuit of accretive, strategic acquisitions will continue to guide our plans in 2010," Altus said in a statement.

Units of the company were unchanged at $13.10 in midday trading Monday on the Toronto Stock Exchange.