TORONTO - Ontario property title-search and registration provider Teranet Income Fund (TSX:TF.UN) reported Wednesday a third-quarter profit of $29.7 million, up from a year-earlier $18.6 million as revenue rose to a record $71.2 million, up 11.8 per cent from a year-ago $63.7 million.
The fund said its earnings per unit came in at 19.2 cents versus a year-before 12 cents and it is increasing monthly distributions four per cent to 6.5 cents.
"We are growing our revenue base as we automate more properties into our electronic system and through organic growth each quarter and are capitalizing on strong fundamentals and robust activity in the Ontario economy and real estate market," president and CEO Aris Kaplanis said in a release.
"In addition, we have made good progress leveraging our technology and infrastructure, unparalleled experience and operational excellence to grow our value-added services."
Distributable cash rose 16 per cent to $48 million with a payout ratio of 61 per cent.
Teranet provides land-based information products and services and access to the Ontario Electronic Land Registration System.
Units of the fund gained 13 cents to $10 in trading on the TSX.
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