Sprott profit plunges on lower metal prices

Thu Mar 29, 2012 7:21am EDT
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March 29 (Reuters) - Sprott Inc, a Canadian asset manager specializing in resources, said its quarterly profit plunged 96 percent mainly due to weak precious metals prices that dragged down investments.

For the fourth quarter, net income fell to C$4.6 million, or 3 Canadian cents a share, from C$108.6 million, or 72 Canadian cents a share, a year ago.

Total revenue for the Toronto-based company fell 84 percent to C$38.1 million. Gross performance fees fell to C$2.5 million from C$199.1 million in the year-ago quarter.