04:30 PM EDT, 05/10/2024 (MT Newswires) -- Clarke Inc. ( CLKFF ) on Friday said it swung to a first-quarter profit on gains.

The investment and property holding company said it earned $2.4 million, or $0.17 per share, in the period, compared with a loss of $1.7 million, or $0.12, in the year-prior quarter. The company said the profit "was primarily attributable to the company's hospitality operating businesses and a recovery of income taxes of $2.8 million"

Revenue fell 2.7% to $14.6 million from $15 million. Clarke said the drop was "due to the closure of one hotel on land being redeveloped as part of the Company's Talisman residential development in Ottawa".

Clarke shares closed down C$0.10 to C$19.90 on the Toronto Stock Exchange.