Junk NewsToronto — GMP Capital Inc. had a $19.5-million profit in the fourth quarter of 2009, as the Toronto-based securities firm more than tripled its revenue compared with the final three months of the prior year.
GMP's profit was the equivalent of 28 cents per share compared with a net loss of 29 cents per unit or $17.5-million, when GMP was still an income trust.
The profit exceeded even the highest of four earnings estimates gathered by Thomson Reuters, which said the consensus was 17 cents per share.
GMP's revenue also blew past the two revenue estimates compiled by Thomson Reuters. Revenue rose to $104.9-million, up from $33.8-million a year earlier and above the $88-million consensus estimate.
The firm's board left GMP's quarterly dividend of 5 cents per share, payable March 19 to shareholders of record as of March 10.