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MCAN Mortgage Corp T.MKP

Alternate Symbol(s):  MAMTF

MCAN Mortgage Corporation is a Canada-based loan company and mortgage investment corporation. Its objective is to generate a reliable stream of income by investing in a diversified portfolio of Canadian mortgages, including residential mortgages, residential construction, non-residential construction and commercial loans, as well as other types of securities, loans, and real estate investments. Its lines of business include three divisions: MCAN Home, MCAN Capital and MCAN Wealth. MCAN Home is its residential mortgage lender that partners with accredited mortgage professionals to offer both insured and uninsured mortgage solutions across Canada. MCAN Capital focuses on financing and investment opportunities in the construction and commercial loan markets, real estate investment trusts (REITs), and private investment funds focused on lending to and developing Canadian communities. MCAN Wealth offers investors Canada Deposit Insurance Corporation (CDIC) insured investment solutions.


TSX:MKP - Post by User

Bullboard Posts
Post by Bibizbuzon May 12, 2020 9:21am
245 Views
Post# 31015935

First QTR Earnings are out....

First QTR Earnings are out....MCAN Mortgage Corporation ("MCAN", the "Company" or "we") (TSX: "MKP") reported a net loss of $9.7 million ($0.40 loss per share) for the first quarter ended March 31, 2020, a decrease of 168% from net income of $14.3 million ($0.60 earnings per share) in the first quarter of 2019. In the first quarter of 2020, we recorded a $15.7 million net loss on securities compared to an $8.0 million net gain on securities in the first quarter of 2019, due primarily to fair value changes in our real estate investment trust ("REIT") portfolio. The net loss on securities in Q1 2020 negatively impacted earnings per share by $0.65, while the net gain on securities in Q1 2019 positively impacted earnings per share by $0.34. The Board of Directors (the "Board") declared a second quarter dividend of $0.34 per share on May 12, 2020 to be paid June 30, 2020 to shareholders of record as of June 15, 2020.
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