WesternOne Equity Income Fund last week posted CA$7.7 million (about U.S. $7.4 million) for the third quarter, a 13.8-percent decrease compared with CA$8.8 million for the same period in 2008. The decline was considerably smaller than most decreases posted by publicly traded rental companies in Canada, the United States and Europe for the same period.
“WesternOne Equity achieved a payout percentage of 88.9 percent for the nine months ended September 30, 2009, down from 89.3 percent last year,” said Darren Latoski, CEO. “On a trailing 12-month basis, this translates to 82.6 percent, down from 88.1 percent last year. We are pleased with these results despite challenges faced by the industry under the prevailing economic conditions.”
EBITDA for the quarter, however, dropped 44.5 percent, from CA$2.9 million in the same period last year, to $1.6 million in the just-ended quarter.
Revenue for the nine months ended Sept. 30 was CA$31.3 million (about U.S $29.7 million), compared with CA$24.1 for the first nine months of 2008. Part of the increase was the result of having acquired four companies in 2008.
Based in Vancouver, B.C., Canada, Western One Equity Income Fund is No. 81 on the RER 100. It has acquired a half dozen rental companies in western Canada in recent years.
