August 9, 2012 / 3:53 PM / 5 years ago

CI Financial Q2 profit drops as markets sour

Aug 9 (Reuters) - CI Financial Corp said on Thursday its profit fell in the second quarter, as expected, despite efforts to cut costs, as gloomy global markets and net redemptions sideswiped assets under management.

Canada’s No. 3 investment fund company, which is 36 percent owned by Bank of Nova Scotia, said it earned C$71.3 million ($72 million), or 25 Canadian cents a share, in the quarter, down sharply from C$98.3 million, or 34 Canadian cents a share, a year earlier.

The results included a future income tax expense related to the Ontario government’s decision to rescind tax cuts. Excluding the impact of that, earnings per share would have been 32 Canadian cents, down 6 percent from the same quarter a year earlier and in line with the average expectation of analysts, according to Thomson Reuters I/B/E/S.

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