Skip navigation

Mutual Fund News

Higher expenses bite Into AGF profit

CP

AGF Management Ltd. reported a 30-per-cent decline in fourth quarter profit as the value of its portfolio shrank over stock market uncertainty, a trend it doesn't expect to stabilize any time soon. The Toronto-based mutual fund company's shares sank 5.5 per cent, or 93 cents, to $15.96 Wednesday after it said higher expenses and lower investment returns hit the bottom line. "It will continue to be a challenging market, but we're not going to make any excuses for our performance, we can and will do better," Blake Goldring, AGF's chairman and CEO said on a conference call. AGF reported net income for the three months ended Nov. 30 dropped to $21.9-million from $30.9 million, or 23 cents per share compared to 34 cents a year earlier. AGF's overall revenue grew to $157.8 million from $155.9 million.

© 2007 The Globe and Mail. All rights reserved.

Search Fund News


Advanced Search

GlobeinvestorGOLD.com

Only GlobeinvestorGOLD combines the strength of powerful investing tools with the insight of The Globe and Mail.

Discover a wealth of investment information and and exclusive features.

Free E-Mail Newsletters

  • Morning news headlines
  • Morning business headlines
  • Financial highlights
  • Tech alert
  • Leisure

Sign-up for our free newsletters



Back to top