08:24 AM EDT, 08/13/2024 (MT Newswires) -- Bridgemarq Real Estate Services ( BREUF ) on Tuesday said its acquisition of a brokerage business that was completed in April helped the company post higher second-quarter net earnings.

The company generated net earnings of $10.6 million or $0.17 per share, compared with $1.1 million or $0.12 per share last year. The higher profit was driven by a gain of $10.6 million on the valuation of the exchangeable units in the second quarter of 2024, versus a loss of $0.5 million in the prior year period, due to earnings from the brokerage business acquired from Brookfield Business Partners (BBU-UN.TO).

Revenue of $110 million, compares with the $12.8 million last year. The increase is substantially due to the inclusion of gross commission income of $92 million and other revenues of the acquired businesses. Franchise fees also improved.

"We are excited about our recent acquisition which provides Bridgemarq with the opportunity to more broadly participate in the growing Canadian real estate market," said Bridgemarq CEO Spencer Enright. "The addition of brokerage operations is expected to complement our well-established and successful franchise business."

The company will pay a monthly dividend of $0.1125 per share on September 30.