C.I. Fund Management Inc. on Tuesday reported a profit for the fourth quarter ended May 31, 2003, compared with a loss for the same period last year.

The fund management firm said its revenues were buoyed by last year’s acquisition of two mutual fund units from Sun Life Financial.

Last summer, C.I. acquired the Spectrum Investment and Clarica Diversico funds from Sun Life in a deal valued at c$652 million.

C.I. reported net income of $10.4 million, or 4¢ per share, for the quarter, compared with a loss of $14.8 million, or 9¢ a share in the year-earlier period.

Revenues for the quarter climbed to $143.7 million from $114.9 million, as management fee revenue rose to $129.5 million from $96.6 million.

The acquisition from Sun Life helped boost average mutual and segregated fund assets to $27.7 billion in the fourth quarter, up from $21 billion in the year-ago period.

Net redemptions were $320.4 million in the quarter, compared with $56.3 million in net sales the year-ago period, as shaky equity markets scared investors out of funds.

For the 2003 fiscal year, the company posted a net profit of $71 million, or 32¢ a share, compared with a loss of $61.4 million, or 35¢ a share, the year before.