Jovian Capital Corp. today reported a small profit for the 2005 fiscal year.

The Winnipeg-based financial services company said profit for the year ended March 31, 2005 as $500,000, up from a loss of $500,000 a year ago.

For the fourth quarter, Jovian said net earnings were $300,000, compared with $400,000 a year ago.

“This has been an exciting year. Jovian has made great progress toward building a profitable business. In under two years, Jovian has grown from merely a concept to a company with great growth potential,” said Philip Armstrong, Jovian President and CEO, in a release.

Revenues for the year were $72.9 million, up 100% from the $36.5 million reported last year. Revenue for the quarter was $23.7 million compared to $15.2 million in the fourth quarter of 2004.

Jovian said acquisitions made over the course of the past two years, and revenues from the existing platforms are both contributing to the growth of the firm.

Total expenses for the 12 and three months ended March 31, 2005, were $72.4 million and $23.4 million, respectively, versus $37.0 million and $14.8 million in the prior year.

Jovian said the increase in expenses is a result of company’s growth on a year-over-year basis, both organically and through acquisitions.

Jovian is a management and holding company with interests in a variety of financial service firms specializing in wealth and asset management. The Jovian group of companies operates as a national financial services organization with over 87 locations and more than $8 billion of client assets.

Its subsidiaries include Convoy Capital Corp., Gibraltar Alternative Asset Consulting Group Inc., MGI Securities Inc., Rice Financial Group Inc., T.E. Financial Consultants Ltd./Conseillers Financiers T.E. Ltee.