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Clarke Swings to Q1 Profit

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Clarke (CKI.TO) reported a swing to a first-quarter profit, the company said on Monday.

The company reported net income of $14.1 million, or $1.07 per share, compared with a net loss of $2.4 million, or $0.17 per share. The net income was primarily a result of a fair value adjustment on investment properties, a statement said.

Hotel and rental revenue for the three months ended March 31 increased to $18.5 million from $17.7 million in the prior period. The increase was mainly due to the start of operations of the first building in the Talisman's second phase, which was not operational during the comparative period.

Clarke shares were last seen unchanged at $26.60 on the Toronto Stock Exchange.

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