(June 1 – 14:55 ET) – The Alberta Securities Commission announced net income for the year ended March 31 was $1.2 million, a drop of 54.7% from $2.9 million a year ago.

Revenue was $13 million for the year, a decrease of 1.5%. The ASC derives revenue prospectuses, registrations, annual financial statements, and investment income. Investment income declined by 18.5% from the previous year.

Expenses climbed 15.1% to $11.8 million for the year. Salaries and benefits increased 30.6% to %8.1 million for the year, as the ASC enhanced benefits and hired additional staff. Contract services costs were up 9%.

The ASC had cash and investments of $18.4 million at March 31, compared to $17.1 million a year ago. Total assets were $20.1 million.
-IE Staff