HALIFAX, NS, March 3, 2026 /CNW/ – Clarke Inc. (“Clarke” or the “Company”) (TSX:CKI) today announced its results for the three months and year ended December 31, 2025.
Results for the Year Ended December 31, 20251
The Company’s net income was $13.0 million compared to $37.8 million in 2024. Net income in the year included fair value adjustment gains of $14.9 million on certain investment properties compared to significantly larger fair value gains of $34.0 million in 2024. Interest and accretion expense increased year over year despite lower interest rates on our floating-rate debt, due to higher average long-term debt balances driven by ongoing construction expenditures. In addition, a larger portion of construction interest was capitalized in 2024 compared to 2025, reflecting the timing of when dedicated construction financing was in place.
Comprehensive income for the year ended December 2025 was $17.6 million compared to $46.4 million in 2024. Comprehensive income in the year ended December 31, 2025 was less than 2024 due primarily to decreased earnings and smaller revaluation gains recorded in 2025 compared to those recorded in 2024.
During 2025, the Company’s book value per common share increased by $1.23, or 6.2%. The Company had net income of $13.0 million during the year which included hotel net operating income of $21.5 million, or $1.54 per common share, residential net operating income of $7.4 million, or $0.53 per common share, and fair value adjustments on investment properties of $14.9 million, or $1.07 per common share, offset by depreciation and amortization of $12.3 million, or $0.88 per common share, interest and accretion of $10.8 million, or $0.78 per common share and hotel revaluation losses of $1.5 million, or $0.11 per common share. The Company also recorded hotel revaluation gains, of $2.5 million, or $0.18 per common share in other comprehensive income. The Company’s book value per common share at the end of the year was $21.08, while the common share price was $20.93.
Results for the Fourth Quarter of 2025
Hotel and rental revenue was stable quarter over quarter at $16.7 million, with incremental rental revenue from the first building of the Talisman’s second phase commencing operations offsetting lower quarter over quarter hotel revenue.
The $29.9 million fair value adjustment gain on investment properties recorded in 2024 is the largest factor in the decreased fourth quarter net income quarter over quarter.
The Company had other comprehensive losses of $1.5 million in the fourth quarter of 2025 compared to $0.2 million in 2024. The primary reason for the increased loss was a higher remeasurement loss on the accrued pension benefit asset in the fourth quarter of 2025 compared to 2024.
For the three months ended December 31, 2025, Clarke’s basic and diluted loss per common share was $0.03, compared to earnings per common share of $1.54 in 2024.
Additional commentary on our results can be found in our Management’s Discussion & Analysis for the year ended December 31, 2025.
|
_____________________________________ |
|
1 Book value per share and net operating income are non-IFRS measures and ratios. Refer to the “Cautionary Statement Regarding Use of Non-IFRS Accounting Measures and Ratios” section of this press release and our December 31, 2025 MD&A for more information. |
Other Information
Highlights of the consolidated financial statements for the three months and year ended December 31, 2025, compared to the three months and year ended December 31, 2024 are as follows:
|
(in millions, except per … |