leadf
logo-loader
viewAGF Management

AGF posts Q3 loss on lower sales

financial_data350_50632c12619e2.jpg

 

AGF Management Ltd. (TSE:AGF.B) swung to a fiscal third-quarter loss amid waning revenues and lower assets under management. 

The Toronto-based global wealth management company, which offers services to private and institutional clients, posted a $13.3 million loss or 14 cents per share. This is down from a year earlier profit of $15.4 million or 16 cents per share. 

Excluding one-time items like the sale of its AGF Trust unit and restructuring charges valued at $3.8 million, the company actually earned 11 cents per share. 

Revenue slumped to $119.8 million from $151.4 million.

Analysts polled by Bloomberg sought a per-share profit of 18 cents, on $124 million in sales during the quarter ended August 31.

In late morning trade, the company's stock fell 7.16 per cent declining to $11.54 each on the Toronto Stock Exchange. 

On August 1, AGF announced that it sold AGF Trust to B2B Bank for $421.6 million. AGF said that the sale will allow it to expand on its core investment management business.

The company, during the third quarter, spent $43.5 million on 3.8 million Class B non-voting shares.

Total assets under management fell 14.8 per cent to $41.2 billion as of August, compared to last year's $48.4 billion.

The company also announced it hired four team members to the global equity and emerging markets teams, which positions AGF to actively sell to global institutions.

 

Quick facts: AGF Management

Price: 5.2 CAD

TSX:AGF.B
Market: TSX
Market Cap: $404.99 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

AVZ Minerals strengthens financing discussions after boosting equity stake...

AVZ Minerals Ltd's (ASX:AVZ) Nigel Ferguson speaks to Proactive's Andrew Scott after announcing they've executed a share purchase agreement (SPP) to secure an additional 10% of Dathcom Mining SA from its JV partner, Dathomir Mining Resources SARLU, the 100% holder of the Manono Lithium and Tin...

39 minutes ago

2 min read