Sceptre Investment Counsel Ltd. posted 6.5% jump in net earnings, while revenues fell 3.55 in the first quarter ended Feb. 29.
The Toronto-based company, one of Canada’s largest independent money management firms, said Q1 profits were $1.04 million (7¢ a share) vs $982,000 (7¢) for same period a year ago. Revenue was $6.6 million vs $6.8 million.
“Revenues declined by 3.5% from the same quarter last year due to lower assets under supervision,” the company said. “Higher revenues from the mutual fund and Alliance units were offset by a decline in revenues from the institutional business.”
The company said overall expenses fell by 6.5% compared with same period in 2003. The lower levels of staff and assets under supervision combined to reduce compensation including sub-advisory fees by 4.9%. Stock based compensation charges for the quarter were $87,500. Further expense reductions were achieved in travel, promotion and occupancy. Higher insurance premiums, registration fees, trailer fees and initiatives aimed at expanding the private client product offerings partially offset these reductions.
“As a result, net earnings increased by 6.5% compared to the same quarter in 2003 and by 11.5% as compared to the most recent quarter.”
Sceptre also declared a quarterly dividend of 6¢ per share on outstanding common shares, payable April 15 to shareholders of record April 13.
Sceptre Q1 earnings up 6.5%
- By: IE Staff
- April 1, 2004 October 31, 2019
- 12:10