Newspaper article The Morning Bulletin (Rockhampton, Australia)

Macquarie Expecting Improved Second Half; H1 Profit Down 16%, but Bullish on Full Year Results

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Macquarie Expecting Improved Second Half; H1 Profit Down 16%, but Bullish on Full Year Results

Article excerpt

INVESTMENT bank Macquarie Group Ltd expects its full year profit to match last year's despite a drop in half-year earnings and uncertain global outlook.

"Subject to market conditions continuing to return to more normal levels during the second half of the year, we anticipate that profit for the full year to be broadly in line with our profit of last year,a chief executive Nicholas Moore said yesterday.

Macquarie reported a 16% drop in first half net profit to $403 million to the six months to September 30 compared with the previous corresponding period.

The investment bank attributed the drop to subdued markets between May and August and higher operating costs.

The half year result was narrower than the 25% profit drop Macquarie had forecast at the beginning of September, one of three profit warnings it had issued since May.

It was also slightly better than market expectations.

Macquarie shares were up $1.65, or 4.78%, at $36.20 yesterday. …

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