Jovian Capital’s fourth quarter, year-end losses narrow

Date: Thursday, June 24, 2010
Author: Investment Executive

Jovian Capital Corp.’s losses in the final quarter and full year dropped as revenues for both periods improved, fuelled by growth of its assets management and ETF businesses, the company said Wednesday.

Net loss in the January-March period decreased to $1.3 million or 15 cents a share from a loss of $4.5 million or 54 cents a share in the same 2009 period, the financial services company said.

Revenue for the quarter rose to $28.6 million versus $22.3 million.

At year end, Jovian (TSX:JOV) saw its loss significantly drop to $2.9 million or 35 cents a share compared with a loss of $24.1 million or $2.91 a share.

Full-year revenue advanced to $111.3 million from $91.1 million.

Philip Armstrong, Jovian’s chief executive, said the growth of its asset management and ETF businesses, pushed client assets up to $11.7 billion compared with $10 billion in all of last year.

“In fiscal 2010, as we emerged from the global financial crisis, we were able to deliver positive results by continuing to invest in the carefully managed growth of our businesses,” Armstrong added.

During early afternoon trading, shares of Jovian Capital fell 38 cents to $8.07 on the Toronto Stock Exchange.