11:47 AM EDT, 05/29/2024 (MT Newswires) -- Montfort Capital ( MONTF ) said overnight Tuesday that its adjusted first-quarter loss widened on lower revenue.

The lender reported an adjusted loss, excluding most one-time items, of $1.4 million, or $0.02 per share, compared with adjusted loss of $486,404, or $0.01, in the year-prior quarter.

Revenue fell 8.4% to $12 million from $13.1 million due to a reduction in portfolio size as well as a decrease in fee-generating activities.

"While most of our lending segments performed on or ahead of plan in the quarter, originations in our mortgage lending segment encountered the industry-wide headwinds of reduced transaction activity in the Ontario single family housing market," chief executive Ken Thomson said. "We're optimistic that an active spring/summer housing market, combined with anticipated interest rate reductions from the Bank of Canada, will lead to higher mortgage origination volumes in the coming quarters."

Montfort shares were last seen down $0,005 to $0.095 on the TSX Venture Exchange.

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