Sprott Q1 profit slips to $5.9 million |
Date: Thursday, May 13, 2010
Author: Investment Executive
Sprott Inc. (TSX: SII), a Toronto-based asset management
and investment funds company, reports its first quarter net profit fell
to $5.9 million or four cents a share from $7.4 million or five cents
last year.
Assets under management rose to $5.2 billion from $4.7
billion, the company said Wednesday.
“During the first quarter
of 2010, we continued to focus on broadening our fund lineup through the
introduction of innovative new products,” Eric Sprott, CEO of Sprott
Inc., said ahead of the company's annual meeting in Toronto
“In
the first three months of the year, we successfully launched two new
funds: the Sprott Physical Gold Trust and the Sprott 2010 Flow-Through
Limited Partnership. Together, these funds have increased our assets
under management by more than $400 million.”
In trading on the
TSX, Sprott shares rose 20 cents to $4.20, a gain of 5%.
Reproduction in whole or in part without permission is prohibited.