(Reuters) - GMP Capital Inc’s (GMP.TO) fourth-quarter profit fell, hurt by continuing weakness in the Canadian independent investment dealer’s core capital markets segment.
Net income was C$2.4 million ($2.42 million), or 2 Canadian cents a share, compared with C$46 million, or 50 Canadian cents a share, a year ago.
Adjusted net income was C$4.3 million for its latest quarter, compared with C$46.5 million last year.
GMP, which was founded in 1995 and quickly became one of Canada’s most successful independent investment dealers, had posted a loss in the third quarter reversing from a profit a year ago.
In the second quarter, its profit fell 79 percent.
Fourth-quarter revenue fell 53 percent to C$72.7 million, as capital markets revenue nearly halved to C$67.1 million.
“Trading and underwriting activity in capital markets remained relatively muted this quarter,” Chief Executive Harris Fricker said in a statement.
Shares of the company, which have nearly halved in value in the last one year, closed at C$7.82 on Tuesday on the Toronto Stock Exchange.
($1 = 0.9906 Canadian dollars)
Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila