July 30, 2009 / 9:10 PM / in 8 years

UPDATE 1-Seamark Asset reports second-quarter loss

* Q2 loss C$0.01/shr

* Q2 rev C$1.6 mln July 20 (Reuters) - Canada’s Seamark Asset Management Ltd SM.TO reported a quarterly loss, as the investment services provider’s revenue dropped 42 percent on a decline in assets under management.

For the second quarter, the company posted a loss of C$73,000, or 1 Canadian cent a basic share.

Revenue fell to C$1.6 million during the quarter.

Assets under management (AUM) were C$1.96 billion on June 30, down 44 percent from C$3.50 billion, a year ago, mainly on account of sharp decline in AUM represented by institutional clients.

The company said it expects to generate positive cash from operating activities over the remaining six months of the year and expects to generate positive earnings by 2010.

Shares of the company closed at C$1.21 Thursday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Jarshad Kakkrakandy)

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