August 12, 2010 / 12:00 PM / 7 years ago

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)

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