Income tax recovery boosts Brookfield Residential Properties to $86M Q3 profit

CALGARY – Brookfield Residential Properties Inc. (TSX:BRP) says a major recovery of income taxes helped more than double third-quarter profit to US$86 million.

The earnings, amounting to 73 cents US per diluted share compared with net earnings of $35 million or 29 cents per share in the comparable year-earlier period.

Included in net income was the release of the valuation allowance on U.S. deferred tax assets of $45 million, which resulted in a recovery of income taxes of US$38 million in the quarter, versus an $8-million charge in the same 2013 quarter, the company said in its release, issued after markets closed.

Revenue rose to US$355 million from $333 million.