(October 27 – 15:25 ET) – Mackenzie Financial Corp.is reporting improved earnings for the second quarter ended September 30.
In the second quarter, net earnings were $36.5 million, or 29¢ a share, an increase of 79% over the $20.4 million, or 16¢ a share, in the comparative period. Mackenzie said the increase was the result of growth in assets under management, income tax refund interest received in the quarter and commission securitization operations which are now profitable as deferred commissions are increasingly fully amortized.
Revenues were $221.1 million, an increase of $44.2 million from $176.9 million for the corresponding period last year. Growth in assets under administration increased management and administration fees by $26.7 million.
Expenses for the quarter were $154.3 million, an increase of $15.7 million from $138.6 million for the corresponding period last year.
Cash flow from operating activities, before the payment of selling commissions and changes in non-cash balances related to operations, increased to $84.1 million from $71.4 million a year ago
Mackenzie’s investment management assets under administration as at September 30, were $38.6 billion, an increase of $4 billion from September 30, 1999.
Net fund sales for the second quarter fell to $74 million, down from $565.7 million a year ago. For the six months ended September 30, net sales were $313.5 million, down from $1,017.4 million a year ago.
Mackenzie reports that during September subsidiary the MRS group had its most profitable quarter and most profitable month ever.
-IE Staff