Seamark Asset Management Ltd. announced Friday that it is suspending its quarterly dividend after its profit fell by 50% in the third quarter.

Net earnings for the quarter ended Sept. 30 were, $300,000, 3¢ a share. That compared with $641,000, or 6¢ a share in the year-ago period.

Total revenue fell to $2.5 billion during the quarter from $3.4 billion a year ago.

Assets under management tumbled 14.3% to $3 billion for the quarter, from $4.2 billion a year ago.

“This past quarter has been one of the most difficult periods we have ever seen,” said Seamark’s CEO Stuart Raftus in a release.

“Earnings visibility is limited at this time. Accordingly the board of directors has chosen to suspend the dividend. Not only does this maintain our strong cash position, but it also provides continuing flexibility to consider opportunities as they arise,” Raftus added.

Halifax-based Seamark provides investment services to institutional, mutual fund, wealthy individual clients and portfolios of funds sold by the banks.

IE