AGF Management Ltd. is reporting a smaller profit for the third quarter ended August 31.

The mutual fund firm said as volatile markets took a bite out of management and advisory fees.

Net profit for the quarter was $21.8 million, or 23¢ a share, down from $30.7 million, or 34¢ a share, in the year-ago period.

Cash flow from operations fell 14.5% from the year-ago period, but climbed 9.9% from the preceding quarter, prompting AGF to raise its quarterly dividend to 8¢ per share, from 7.5¢ per share.

Revenue in the latest quarter was $138.1 million, down from $156.6 million a year ago, as weak markets drove investors from mutual funds.

The company said it has responded to the three-year market weakness by cutting costs.

“We’ve turned the corner and are positioned for steady growth,” Blake Goldring, AGF’s CEO, said in a news release.

http://www.newswire.ca/releases/September2003/24/c4202.html