May 6, 2011 / 10:36 AM / in 6 years

UPDATE 1-GMP Capital posts Q1 profit; ups dividend

May 6 (Reuters) - GMP Capital Inc posted a first-quarter profit helped by strength in its capital markets business and raised its quarterly dividend by 25 percent.

One of Canada’s largest independent investment dealers, GMP posted a net income of C$26.3 million, or 29 Canadian cents a share, compared with a net loss of C$62 million, or 89 Canadian cents a share, a year ago.

Revenue rose 41 percent to C$115.3 million. Revenue at its capital markets business rose 48 percent to C$103.6 million driven by an increase in investment banking, commissions and principal activities.

Excluding the impact of one-time cash costs related to redemption of long-term debt, the company earned 38 Canadian cents per basic share.

The company raised its quarterly dividend by 2 Canadian cents to 10 Canadian cents.

Toronto-based GMP’s shares closed at C$15.21 on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Roshni Menon)

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