February 28, 2008 / 4:41 PM / 10 years ago

GMP Capital fourth-quarter profit drops 22 pct

TORONTO, Feb 28 (Reuters) - GMP Capital Trust GMP_u.TO said on Thursday its fourth-quarter profit slipped 22 percent, hurt by weak equity markets.

GMP Capital, which has capital markets and wealth management segments, said net income was C$23.8 million ($23.1 million), or 37 Canadian cents a unit, in the three months ended Dec. 31, down from C$30.6 million, or 48 Canadian cents per unit, a year earlier.

The trust said revenue in the final quarter of 2007 fell 2 percent to C$101.5 million from C$103.6 million for the same time a year earlier, but described the performance as “fairly strong” given the significant stock market volatility.

Expenses rose 8.3 percent in the quarter, mainly due to higher noncompensating expenses.

Distributable cash was C$29.3 million, down from C$36 million a year earlier. ($1=$0.97 Canadian) (Reporting by Scott Anderson; Editing by Peter Galloway)

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