UPDATE 1-Sprott Q2 profit up as managed assets rise
* Q2 EPS C$0.05 vs C$0.04 last year
* Q2 AUM up 25 pct at C$5.5 bln
* Q2 Revenue up 16 pct
Aug 12 (Reuters) - Canadian fund manager Sprott Inc (SII.TO) posted a higher second-quarter profit as assets under management (AUM) increased 25 percent.
Net income rose to C$7.7 million ($7.4 million), or 5 cents per share, from $5.6 million, or 4 cents per share, last year.
Sprott, which has 85,000 clients, mostly in Canada, said AUM totalled C$5.5 billion as at June 30, 2010, compared with C$4.4 billion last year.
Revenue rose 16 percent to C$26.8 million in the quarter. The company said management fees rose 12 percent to C$24.2 million.
Analysts on average expected the fund manager to earn 5 Canadian cents a share, according to Thomson Reuters I/B/E/S.
Sprott Inc shares, which have fallen 8 percent in the past three months, closed at C$3.68 Wednesday on the Toronto Stock Exchange. ($1=1.046 CANADIAN DOLLAR) (Reporting by Isheeta Sanghi in Bangalore; Editing by Jarshad Kakkrakandy)
- Atheists face death in 13 countries, global discrimination: study
- Mandela signer hits back: I'm sign language champion |
- Missouri executes man for killing good Samaritan motorist in 1994
- Focus turns to Thai military, anti-government protesters tell them to pick sides |
- Google executives' planes saved millions in costs due to error - NASA