AGF Management Limited (AGFMF.PK, AGF_B.TO) reported that its first-quarter net income attributable to equity owners of the company declined to C$15.6 million from last year's C$26.1 million, with earnings per share decreasing to C$0.17 from C$0.27 in the same quarter last year.
Net income from continuing operations decreased 9.8% to C$15.6 million compared to C$17.3 million last year.
Total assets under management or AUM decreased 17.9% to C$39.3 billion for the first quarter of 2013 compared to C$47.8 billion during the first quarter of 2012. Total retail fund AUM, including retail pooled funds, decreased 12.8% to C$20.0 billion as of February 28, 2013, compared to C$23.0 billion as of February 29, 2012.
Revenue from continuing operations decreased 7.2% to C$122.5 million, compared to C$132.0 million in the year ago quarter, driven by lower AUM levels.
Analysts polled by Thomson Reuters expected the company to report earnings of C$0.14 per share on revenues of C$118.61 million for the quarter. Analysts' estimates typically exclude special items.
The company said that its board declared a dividend of C$0.27 per share on both the Class B Non-Voting shares and the Class A Voting common shares of the company. This dividend will be payable on April 19, 2013 to shareholders of record on April 10, 2013.
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