Griffin Land & Nurseries Inc., with operations in the Hartford area, said Thursday higher debt costs and the expense of a recent land deal kept fiscal first-quarter earnings in the red.
One of Connecticut’s largest private landowners suffered a net loss of $1.84 million, or 36 cents a share, in the three months ended Feb. 27, up from a net loss of $1.82 million, or 36 cents a share, the comparable period a year earlier.
Revenues were $4.8 million in the latest quarter, up from $4.6 million the same period a year ago.
New York-based Griffin said its wholesale-retail landscape nursery businesses typically lose money during the slow winter season that covers the first quarter.
However, its real estate division’s higher rent income was offset by higher interest costs on debt and the approximately $300,000 in expenses tied to the first-quarter purchase of an industrial building in Breinigsville, Pa., Griffin said.
Griffin owns Imperial Nurseries and has investments in Shemin Nurseries Inc., a Danbury distributor, and in Britain’s Centaur Media plc.
