Sceptre Investment Counsel Ltd. is reporting weaker profit for the third quarter ended August 31.

The independent money management firm said third quarter earnings were $930,000 or 7¢ per share compared to $1,216,000 or 9¢ per share diluted for the same period last year.

Revenue for the third quarter was $6,645,000 compared to $7,671,000 for the third quarter last year.

Overall expenses for the third quarter declined by 9% as compared to the third quarter last year as the company continued to cut costs. Compensation expenses decreased by 6% while all other expenses declined by 12%.

“There were a number of positive events during the quarter including higher investment returns, Putnam’s increased investment in Sceptre, Sceptre’s conversion from dual class to single class shares, increased revenue and profit, and a continuation of our sustained improvement in relative investment performance,” said Richard Knowles, president and CEO of Sceptre, in a news release.

Sceptre raised its quarterly dividend 1¢ to 6¢ per share.