Sceptre Investment Counsel Ltd.
said Wednesday that earnings in the first quarter of 2005 were up 2.7%, while revenue declined 12.1%.

The fund company said revenue for the three months ended Feb. 28 was $5.8 million vs $6.6 million a year ago.

Earnings increased to $1.07 million or 8 cents a share from $1.046 million (7 cents) for the same period last year.

Sceptre said in a statement that revenue decreased from the same quarter last year “due to lower assets serviced under the strategic alliance with Putnam Investments LLC and some loss of Institutional assets.”

The company said mutual fund revenue increased during the quarter thanks to “strong cash inflows and market appreciation, particularly in the Sceptre Equity Growth Fund and the Sceptre Income Trusts Fund.