BluMont Capital Inc. today reported a reduced net loss for the second quarter of fiscal 2006.

The operating loss of $0.2 million for the three months ended March 31 improved from an operating loss of $0.4 million in the comparable quarter of fiscal 2005 and the net loss decreased to $0.1 million, or 0¢ a share from a net loss of $0.4 million, or 1¢ a share.

Total revenues increased 23% to $2.7 million in the quarter from $2.2 a year ago mainly as a result of increased performance fees realized.

Growth occurred in all areas of revenue; 6% in the predictable revenues of management fees, investment counselling and redemption fees and over 200% growth in BluMont’s less predictable revenues (performance fees).

BluMont experienced assets under management growth of 18% adding approximately $117.5 million of new assets since March 31, 2005.