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Winnipeg Free Press - ONLINE EDITION
Profits drop for IGM Financial
WINNIPEG— One of the country’s largest mutual fund companies — Winnipeg-based IGM Financial Inc. — has reported a 19.3 per cent drop in profit for the second quarter of this year.
IGM said today that net earnings for the three-month period which ended June 30 fell to $172.6 million, or 67 cents per share, from $213.9 million, or 82 cents per share, for the same period last year.
It was a similar story for the first six months of the year, with net earnings falling by 12.6 per cent to $372.3 million, or $1.45 per share, from $426.0 million, or $1.64 per share in the first half of 2011.
Declining revenues were the main reason for the drop in profit. They were down $60.1 million, or 8.6 per cent, to $637.6 million for the quarter, and $100 million, or 7.1 per cent, to $1.31 billion for the six-months.
Total assets under management as of the end of June was also down 9.4 per cent to $118.0 billion from $130.2 billion on June 30, 2011.
IGM Financial’s two principal companies are Investors Group Inc. and Mackenzie Financial Corp.
murray.mcneill@freepress.mb.ca
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