Major Connecticut landlord Griffin Land & Nurseries Inc. continued to bleed in the first quarter amid mounting losses at its landscape nursery operations caused largely by one of the snowiest winters on record.
The New York company whose commercial real estate holdings rank it as Connecticut’s biggest private landowner  lost $2.13 million, or 42 cents a share, in the three months ended March 31, wider than its loss of $1.84 million, or 36 cents a share, the same period last year.
Revenues rose to $4.8 million from $4.5 million.
Griffin blamed greater operating losses at its Imperial Nursery unit, along with higher corporate overhead, for offsetting higher operating performance its commercial realty sales and leasing business.
Losses in its nursery business are typical during the winter and early spring months.
However, the company says one of the worst winters on record added to Imperial’s woes, when heavy snowfall collapsed some of its Granby hoop houses and destroyed plants growing inside them valued at $600,000.
Insurance proceeds totaling $200,000 so far have salved some of the plant losses, Griffin said.
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