GMP Capital Trust today released its financial results for the second quarter ended June 30.
Revenue for the quarter was $127.4 million, representing an increase of 61.6% over the $78.8 recorded in the same period last year. This quarter’s performance represents the highest quarterly revenue figure reported by the fund.
The capital markets segment generated revenue of $108 million for the second quarter of 2007, a new quarterly record.
The wealth management segment reported $14.1 million in revenue this quarter.
The private capital management segment generated $6.2 million in second quarter revenue.
The fund’s net income was $38.6 million, or 61¢ a unit, compared with $27.7 million, 48¢ a unit in the year-earlier period, despite a $2.9 million non-cash future tax expense recognized this quarter in response to new income trust tax legislation.
The fund generated an annualized return on unitholders’ equity (ROE) of 51.9% for the second quarter and compared with 53.6% a year ago.
Distributable cash was $47.3 million, or 75¢ per unit compared with $28.7 million, 50¢ per unit, in the second quarter of 2006.
“GMP continues to demonstrate its ability to create strong returns for our unitholders. Our results for the second quarter and first half of the year provide clear evidence of the strength of our business model,” said Kevin Sullivan, CEO, in a release. “The contributions made by our talented professionals, combined with favourable market conditions, led to the generation of record revenue for GMP, and very strong performance across all of our business segments. We are pleased with our results and remain committed to the continued growth and development of our business.”