March 2, 2011 / 11:36 AM / in 7 years

UPDATE 2-GMP Capital Q4 profit beats, raises dividend

* Q4 EPS C$0.50 vs est C$0.37

* Q4 rev up 39 pct to C$148.4 mln

* Raises dividend 33 pct to C$0.08

* To buy back 10 pct of public float (Rewrites, compares results with estimates in headline and paragraph 1, adds buyback in paragraph 2)

March 2 (Reuters) - GMP Capital Inc’s quarterly profit almost doubled, edging past market estimates, on strength in its capital markets segment and it raised its quarterly dividend by 33 percent.

One of Canada’s largest independent investment dealers, GMP also said it intends to buy back 10 percent, or about 5.6 million, of its public float of shares for cancellation in a year starting March 4.

For the fourth quarter, the company, focused on investment banking and institutional equities, earned C$38 million, or 50 Canadian cents a share, up from C$19.5 million, or 25 Canadian cents a share, a year ago.

Revenue rose 39 percent to C$148.4 million. Capital markets revenue rose 48 percent to $126.8 million, while alternative investments revenue was up 41 percent at $17.7 million on higher performance fees.

Analysts on average were expecting earnings of 37 Canadian cents a share, on revenue of C$127.8, according to Thomson Reuters I/B/E/S.

The company, which had assets under administration of C$13.5 billion as at Dec. 31, raised its quarterly dividend to 8 Canadian cents a share, from 6 Canadian cents.

Toronto-based GMP’s shares, which have gained more than 12 percent in value in the past one year, closed at C$15.03 on Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Don Sebastian)

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