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GMP Capital says Q2 loss, lower revenue reflect client caution in current market

Published on August 3, 2012; Published on August 3, 2012

Topics :: GMP Capital , TSX , TORONTO , Europe

TORONTO - GMP Capital Inc. (TSX:GMP) says it had a loss in the second quarter as its revenue declined seven per cent compared with last year due to investor caution in the current economic environment.

The Toronto-based investment dealer says fees from client trading and capital underwriting have fallen due to Europe's debt crisis and a weak global economy.

GMP's net loss attributable to common shareholders was $4.1 million or six cents per share, with $67.7 million in revenue.

A year earlier, GMP's Q2 had $2.7 million of net income attributable to common shareholders or four cents per share.

The company's chief executive, Harris Fricker, says GMP will focus on preserving its capital strength, monitoring and managing risk and limiting costs.

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