February 23, 2005

Trizec Canada’s 2004 profit takes a hit

TORONTO

Property investment company Trizec Canada Inc. has reported lower net profits in the fourth quarter and full year.

The Toronto-based office property owner ann- ounced last week it earned $48.1 million (all funds U.S.) or 80 cents a share for the three months ended Dec. 31.

That was down from a profit of $51.7 million or 86 cents a share for the same period in 2003.

For the full year, Trizec’s profits fell to $91.1 million or $1.52 a share from $137.6 million or $2.30 a share for 2003.

Trizec Canada’s finances reflect the company’s approximate 39 per cent stake in Trizec Properties Inc., a U.S.-based real estate investment trust that owns commercial office buildings in many U.S. cities.

Trizec Canada said its lower profits reflect a reduction in Trizec Properties’ net income last year and significantly larger gains recognized in 2003 by Trizec Canada on the sale of properties.

This decrease in profit was partially offset by recovery of income and other corporate taxes.

The Canadian Press

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