Independent money management firm Sceptre Investment Counsel Ltd. is reporting weaker earnings for the first quarter ended February 28.

Earnings were $982,000 or 7¢ per share, compared with $1,585,000 or 12¢ per share for the same period last year.

Revenue for the first quarter was $6.8 million compared with $8.8 million for the first quarter last year.

Overall expenses for the first quarter declined by 16% as compared to the first quarter last year. Compensation expenses fell 16% as well over the same period. Expense increases included year-end fund costs and a first time inclusion of the Putnam retail joint venture costs.

Sceptre reduced its a quarterly dividend to 7¢ per share. The previous quarterly dividend was 20¢.