Sprott profit soars on investment gains

Wed May 9, 2012 7:46am EDT
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(Reuters) - Canadian asset manager Sprott Inc's (SII.TO: Quote) first-quarter profit rose about 60 percent, helped in part by investment gains.

Sprott, one of Canada's best-known resources investment companies, said net income rose to C$16.9 million ($16.9 million), or 10 Canadian cents a share, from C$10.6 million, or 7 Canadian cents a share, a year ago.

Total revenue jumped 12 percent to $44.4 million.

Gains from proprietary investments, which include investments in bullion and funds that Sprott manages, increased to C$4.2 million from C$0.4 million.

Assets under management as of March 31 were unchanged at C$9.7 billion.

Shares of Sprott closed at C$4.22 Tuesday on the Toronto Stock Exchange.

(Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)