AGF Management Ltd. on Wednesday reported lower profit for the second quarter ended May 31.
The fund management firm said improved cost controls and higher assets under management failed to offset weakness in equity markets earlier in the quarter.
AGF said net income was $19.6 million, or 21¢ per share, compared with $37 million, or 40¢ per share, in the year earlier period.
Quarterly revenues fell 21.4% to $140.8 million from $179.1 million.
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