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Ned GoodmanYvonne Berg

Dundee Corp. returned to profitability in 2009, a year in which the Toronto-based investment firm broadened its focus to attract more non-retail and institutional clients.

One of the company's subsidiaries, Ned Goodman Investment Counsel Ltd., is in the final stages of a plan to raise up to $1-billion for private equity investment in the resource sector through Dundee Global Resource LP.

Dundee, which also has a number of publicly traded subsidiaries including its flagship DundeeWealth Inc. , said it earned $62.4-million in the 12 months ended Dec. 31 or 77 cents per share on a fully diluted basis That compared with a $196.2-million annual loss or $2.62 per in 2008, when the company had to reduce the carrying value of certain corporate investments amid a major market downturn caused by a crisis in the U.S. financial sector.

Dundee Corp.'s revenue was $1.04-billion in 2009, down 15.5 per cent from $1.2-billion a year earlier. The largest source of revenue was management fees, which increased to $466.6-million last year from $464.3-million last year.

Revenue from financial services fell to $293.6-million last year from $325.36-million a year earlier, while real-estate revenue dropped to $243.1-million from $400.9-million in 2008.

The company's fourth-quarter results weren't immediately available.

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