Bermuda-based investment company WP Stewart & Co. Ltd. reported a net loss of $9.6 million for first half of this year, as revenue plunged.

Income from fees dipped from $17.6 million to $8 million for the January through June period as total revenue dipped by 54 percent to $9.6 million.

The net outflow of assets under management was $164 million, compared to $1.49 billion in the same period of 2008.

WP Stewart said in a statement published by the Bermuda Stock Exchange that its half-year net loss of $9.6 million broke down to $1.82 per share and compared with a net loss in the first six months of 2008 of $11.5 million, or $2.48 per share.

The company said the loss included one-off charges of around $1.1 million. These included a non-cash charge of $625,000 related to an adjustment in the carrying value of an investment in an affiliate.

In addition, non-recurring, cash charges of approximately $475,000 were incurred in the period primarily reflecting the disposal of a portion of leased space in New York.

The year-to-date performance for the WP Stewart US Equity Composite, as of 31 October 2009, was 23.4 percent, pre-fee, and 22.6 percent, post-fee, compared with 17.0 percent for the S&P 500. These performance results are subject to change on final reconciliation of all relevant data.

Mark Phelps, WP Stewart's president and chief executive officer, said: "Our strong absolute and relative results for 2009 year-to-date builds upon the positive relative performance of 2008 to enhance the value of our clients' portfolios.

"We attribute our performance to the strength and cohesiveness of our investment team. During the current quarter, we unfortunately lost our colleague and friend Bob Kahn who passed away due to complications relating to a stroke. His contribution to our investment philosophy over the years was priceless.

"The investing principles Bob espoused have been embraced by our team and Bob's legacy will be carried on within the firm.

WP Stewart deregistered its shares from the New York Stock Exchange earlier this year and was granted a primary listing on the Bermuda Stock Exchange.