GMP Capital Trust today reported a big increase in profit for the third quarter ended September 30.
Net income was $39.3 million in quarter, up 70% from a year ago, and the second highest quarterly net income reported by the fund since its inception.
Basic earnings per unit were 62¢, up 68% from the year earlier period.
Revenue reached a quarterly record of $130.4 million for third quarter 2007, up 67% over the same period last year.
Annualized return on unitholders’ equity was 50.0% for the third quarter, compared with 37.5% a year earlier.
The fund also announced that its board of trustees has approved a special cash distribution of 65¢ per fund unit, and a 12% increase in monthly distributions to 14¢ per fund unit that will commence with the November 2007 distribution.
Griffiths McBurney L.P. will make the same distributions to holders of its Class B limited partner units.
“In the third quarter, GMP demonstrated the strength of our franchise and our ability to prosper in difficult market conditions,” says Kevin Sullivan, CEO.
The firm’s capital markets segment reported revenue of $111.7 million, up 69% from third quarter of 2006. Income before income taxes was $48.2 million, up 79% from third quarter of 2006.
The firm’s wealth management segment reported revenue of $13.4 million, up 102% from third quarter of 2006. Income before income taxes was $0.1 million compared with a loss of $0.6 million in Q3 2006. Assets under administration rose to $4.2 billion, up 76% from Q3 2006.
GMP Capital Trust profit up 70% in third quarter
Trust declares special cash distribution of 65¢ per unit
- By: IE Staff
- November 7, 2007 November 7, 2007
- 10:50