Jovian Capital Corp. posted a bigger loss for the fourth quarter ended March 31 as difficult financial markets trimmed revenues.

The financial services holding company said the net loss for the quarter was $11.4 million, or 8¢ a share, compared to a net loss of $0.3 million, or 0¢ a share, for the year ago period.

In the fourth quarter of fiscal 2008, Jovian recorded a non-cash impairment charge to intangible assets of $12.9 million.

The impairment charge reflects the decline in JovFunds Management Inc.’s (formerly Fairway Asset Management Corporation) legacy assets under management, in particular their Canadian Medical Discoveries Fund Inc. labour-sponsored fund business.

Revenue for the quarter was $24.7 million, compared
to $30.8 million in the same period in the prior year. Jovian says the he decrease in revenue in both its wealth and asset management businesses reflects difficult financial markets.

For the full 2008 fiscal year, the net loss was $16.1 million, or 13¢ per share, including the impairment charge of $12.9 million.

That compares with a net profit of $2, or 2¢ a share, for fiscal 2007.

Revenue for the year was $103.9 million, compared
to $128.4 million in the prior year.

“Overall, our portfolio of companies performed well given the difficult financial markets over the past year. We are particularly pleased with the growth of BetaPro, which over a short period of time has become one of the largest providers of ETFs in Canada, with about $1.75 billion in assets under management,” says Philip Armstrong, CEO of Jovian.

The Jovian group of companies includes: MGI Securities Inc.; MGI Securities (USA) Inc.; Rice Financial Group Inc.; BetaPro Management Inc.; Horizons Funds Inc.; JovFunds Management Inc.; JovFunds Inc.; JovInvestment Management Inc.; Leon Frazer & Associates Inc.; T.E. Wealth and Felcom Data Services Inc.