Gamehost Income Fund (TSX:GH.UN) maintained relatively flat earnings in the first quarter of 2009 despite the tough economic conditions.
The Red Deer-based income fund reported on Thursday that it generated $13.8 million in revenues during the first three months of the year, a four per cent improvement over the same period in 2008. Net earnings for the last quarter were $2.8 million, or 25.7 cents a unit. Those earnings are $23,000 lower than a year ago, when earnings per unit were 25.9 cents.
A news release issued by Gamehost said the past six months “have been clouded with an economic storm of epic proportions.”
It pointed to deferrals of oil sands projects at Fort McMurray, the struggling forestry industry around Grande Prairie and fierce competition for declining gaming dollars in Calgary as affecting its casino operations in those cities.