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The Globe and Mail

DundeeWealth revenue rises 54%

David Goodman

Yvonne Berg/Copyright Yvonne Berg 2008

DundeeWealth Inc. has reported $33-million in profit during the first quarter, as revenue increased 54 per cent over the same time last year. The Toronto-based wealth management and mutual fund firm did not provide comparable net earnings results, but said that earnings before interest, taxes, depreciation and amortization grew to $74.5-million from $23-million a year ago.

Revenue was $234.7-million, an increase from $152.7-million a year ago.

"Our results this quarter emphasize our ability to generate revenue by capitalizing on market opportunities and the impact of our efforts to remove costs from operations," said president and CEO David Goodman in a release.

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DundeeWealth, a publicly traded subsidiary of Dundee Corp. , provides investment management, securities brokerage, financial planning and investment advisory services.

The Dundee companies are controlled by the Goodman family through multiple vote shares, although Bank of Nova Scotia bought a significant minority stake in DundeeWealth about two years ago.

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