IN brief

Cape Breton Post - - Business -

Hous­ing agency says home con­struc­tion picked up in July

OTTAWA - The fed­eral hous­ing agency says home con­struc­tion picked up last month.

Canada Mort­gage and Hous­ing Corp. says the sea­son­ally ad­justed an­nual rate of hous­ing starts in­creased to 222,324 units in July, up from 212,948 in June.

The an­nual pace of ur­ban home con­struc­tion in­creased by 5.5 per cent to 206,122 units, driven by a rise in mul­ti­ple ur­ban starts - gen­er­ally apart­ment build­ings, town­houses and con­do­mini­ums while sin­gle, de­tached home starts slowed. Mul­ti­ple ur­ban starts in­creased by 10.4 per cent to 141,950 while sin­glede­tached ur­ban starts fell by 3.9 per cent to 64,172. Ru­ral starts were es­ti­mated at a sea­son­ally ad­justed an­nual rate of 16,202 units. The six-month mov­ing av­er­age of the monthly sea­son­ally ad­justed an­nual rates in­creased to 217,550 in July com­pared with 215,175 in June.

Pok­erS­tars re­ports jump in profit, raises earn­ings es­ti­mate

TORONTO - The owner of Pok­erS­tars and other on­line gam­ing busi­nesses is re­port­ing a dra­matic in­crease in profit for the sec­ond quar­ter and im­proved ex­pec­ta­tions for 2017 ad­justed earn­ings as its evo­lu­tion gains mo­men­tum.

The former Amaya Inc., now called the Stars Group Inc. (TSX:TSGI), says it had US$70.5 mil­lion of net in­come dur­ing the quar­ter and US$114 mil­lion of ad­justed earn­ings.

The net in­come was equal to 35 U.S. cents per share - about three times higher than last year’s sec­ond quar­ter - and ad­justed earn­ings were up 22 per cent at 56 U.S. cents per share. Rev­enue was up 6.8 per cent at US$305.3 mil­lion.

The com­pany also an­nounced that it es­ti­mates 2017 rev­enue, re­ported in U.S. cur­rency, will be at the up­per end of its pre­vi­ous range of be­tween $1.2 bil­lion and $1.26 bil­lion.

It also has re­vised 2017 es­ti­mated ad­justed earn­ings range up­ward to be­tween $413 mil­lion and $437 mil­lion, from $400 mil­lion to $430 mil­lion.

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