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Rating:Dreyfus Parent Boosts Earnings Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 15, 2003

Dreyfus Parent Boosts Earnings

by: Sean Hanna, Editor in Chief

Mellon Financial, the parent of Dreyfus Funds, said its profits rose in the second quarter. Earnings at the firm hit $175 million, or 41 cents per share, compared with $109 million or 25 cents per share in the year ago quarter.

That figure was a penny above the analysts consensus of 40 cents per share, according to Reuters Research.

The bottom line was assisted by a growth in asset under management at the firm during the quarter. That assets totaled $612 billion by June 30, compared with $566 billion on March 31. Total revenue rose 3 percent to $1.04 billion during the quarter. The company said higher trust and investment fees drove up its top line.  

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