March 24, 2011 / 11:34 AM / 6 years ago

CORRECTED-UPDATE 1-Sprott's Q4 profit soars eight-fold

(Corrects headline to say profit rose 8-fold, not seven. Also corrects third bullet point to show revenue rose nearly 7-fold, not 6-fold)

* Q4 EPS C$0.72 vs C$0.09 yr ago

* AUM at Dec. 31 C$8.5 bln

* Q4 rev up nearly 7 fold to C$241.9 mln (Adds details)

March 24 (Reuters) - Canadian fund manager Sprott Inc’s quarterly profit rose seven-fold, helped by the launch of new funds and its exposure to gold and silver.

For the October-December quarter, the company’s net income rose to C$108 million, or 72 Canadian cents a share, from C$13.3 million, or 9 Canadian cents a share, a year ago.

Total revenue rose 578 percent to C$241.9 million.

Analysts, on average, expected the company to earn 74 Canadian cents a share, on revenue of C$225.9 million, according to Thomson Reuters I/B/E/S.

Assets under management jumped nearly 80 percent to $8.5 billion at the end of 2010, partly helped by net sales related to the launch of its Sprott Physical Silver Trust and a growth in the net market value of its funds.

Shares of the company, which have gained about a fifth in value over the last three months, closed at C$9.28 on Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar; Editing by Saumyadeb Chakrabarty) (abhiram.nandakumar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: abhiram.nandakumar.thomsonreuters.com@reuters.net)

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