TORONTO, Oct 29 (Reuters) - IGM Financial Inc, Canada's No. 2 mutual fund manager, said on Thursday its third-quarter profit skidded 16 percent amid falling revenue.
Winnipeg, Manitoba-based IGM said third-quarter profit was C$167.4 million ($156.4 million), or 63 Canadian cents a share, compared with C$198.7 million, or 75 Canadian cents a share, a year ago.
Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 63 Canadian cents a share.
The company said total assets under management at Sept. 30 were C$117.9 billion, inching down from C$118.5 billion at the same time a year earlier.
IGM said gross revenue for the three months ended Sept. 30 was C$622.6 million, compared with C$684.7 million a year ago.
The company's shares closed up 1.4 percent at C$39.19 on the Toronto Stock Exchange on Thursday.
IGM is controlled by Power Financial Corp.
($1=$1.07 Canadian)
(Reporting by Pav Jordan; editing by Rob Wilson) Keywords: IGM/ (pav.jordan@thomsonreuters.com; +1-416-941 8163; Reuters Messaging: pawel.jordan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Winnipeg, Manitoba-based IGM said third-quarter profit was C$167.4 million ($156.4 million), or 63 Canadian cents a share, compared with C$198.7 million, or 75 Canadian cents a share, a year ago.
Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 63 Canadian cents a share.
The company said total assets under management at Sept. 30 were C$117.9 billion, inching down from C$118.5 billion at the same time a year earlier.
IGM said gross revenue for the three months ended Sept. 30 was C$622.6 million, compared with C$684.7 million a year ago.
The company's shares closed up 1.4 percent at C$39.19 on the Toronto Stock Exchange on Thursday.
IGM is controlled by Power Financial Corp.
($1=$1.07 Canadian)
(Reporting by Pav Jordan; editing by Rob Wilson) Keywords: IGM/ (pav.jordan@thomsonreuters.com; +1-416-941 8163; Reuters Messaging: pawel.jordan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
