TORONTO - Davis and Henderson (TSX:DHF.UN) said Thursday it earned a second-quarter profit of $25.4 million, down from $26.5 million a year ago, as revenue slipped nearly five per cent.
The fund, which prints cheques for banks, said the profit amounted to 58 cents per unit for the three months ended June 30 compared with a profit of 60 cents per unit a year ago. Revenue slipped to $97.3 million, down from $102 million.
"The business performed well throughout the first half of 2008 despite the reduction in revenue, which we had anticipated," the fund said.
"The positive contribution from the continued expansion of our customer programs and effective cost management allowed the business to produce strong cash flow for our unitholders."
Units in the fund, which reported its results after the close of markets, were down 35 cents at $15.10 on the Toronto Stock Exchange on Thursday.
PREVIOUS
