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GMP Capital Q3 profit up 21 per cent even as revenue logs slight decline

From The Canadian Press, November 5, 2009 - 1:48 p.m.

GMP Capital Q3 profit up 21 per cent even as revenue logs slight decline

By The Canadian Press

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TORONTO - Profits at investment manager GMP Capital Inc. (TSX:GMP) rose 21 per cent in the third-quarter, despite a four per cent slide in revenue on lower investment banking and commission revenue.

The Toronto-based company said Thursday its net earnings came in at $8.4 million or 12 cents per share, versus $6.9 million or 11 cents per share per in the same period a year before.

Revenue was $71.5 million, while expenses declined 14 per cent to $59.2 million. Annualized return on equity for the period was 13.2 per cent, compared with 10.3 per cent in the same period of 2008.

"This quarter's results reflect the slowdown in the markets experienced in July and August, which resulted in lower investment banking and commission revenue as markets continued to react to ongoing uncertainty surrounding the global economic recovery," president and CEO Kevin Sullivan said in a statement.

"The benefits realized from the cost savings initiatives we launched in late 2008 are contributing to an improvement in our quarterly results, despite the drop in revenue."

Shares in the company were down $1.17 or almost eight per cent at $13.66 in midday trading on the Toronto Stock Exchange.