The Alberta Securities Commission is reporting a net loss of $1,149,000 for its second quarter ended September 30, compared to a net loss of $935,000 in the quarter last year.

Year to date losses are $1,472,000 compared to $871,000 in the prior period. Second quarter revenues increased by $430,000 compared to the prior period, the ASC said, primarily due to investment income that is $557,000 greater than last year. Investments are allocated between bonds (75%) and equities (25%) and both asset categories appreciated significantly in value during the second quarter.

Expenses for the same period increased $623,000. This is largely due to salary and benefit increases of $171,000 that reflect annual salary adjustments and staff growth of two positions. Also, professional service and investment education cost increases of $232,000 that arise from variability in litigation support costs, increased CSA expenditures in the quarter and an investor education media program that was deferred from the prior year.

Year to date revenues and administrative penalty receipts exceed budget by approximately $1.8 million while year-end expenses may be $1.6 million below budget based on current expectations, the ASC added. This will result in a year-end loss of approximately $2 million or less.