Sceptre Investment Counsel Ltd. on Friday reported slightly weaker profit for the fourth quarter ended Nov. 30, 2005.

Fourth quarter earnings were $1.01 million or 7¢ per share fully diluted (7¢ per share basic) compared with $1.03 or 7¢ per share fully diluted (7¢ per share basic) for the same period last year.

Revenue for the fourth quarter was $5.9 million compared with $4.7 million for the fourth quarter last year.

Total expenses for the year increased by 1.6%. Expense increases resulted from the higher level of mutual fund assets and correspondingly higher trailer fees.

Portfolio management costs increased due to the selection of AllianceBernstein as the new sub-advisor for the Foreign Equity Pooled Fund. Other sundry costs have also increased based on a higher level of activity in Sceptre’s lines of business. Compensation expenses declined by 4.9% as previous staff initiatives took effect.

“Fiscal 2005 was another rewarding year for our clients as market returns exceeded most expectations. Sceptre’s own investment performance continued to be strong across the board and is now amongst that of the top money managers in numerous asset classes” said Richard Knowles, president and CEO in a release.

“Financial performance continues to lag investment performance but we are beginning to see improvement in the form of numerous invitations to compete for new assets and positive net asset flows into our mutual funds and private client accounts. As well, we are very optimistic that we will win our share of new business opportunities in Fiscal 2006.”