Australian investment bank Macquarie Group Ltd on Friday warned of a weaker year...
SYDNEY - Australian investment bank Macquarie Group Ltd on Friday warned of a weaker year ahead, as it reported record earnings of A$2.98 billion driven by asset sales and double-digit profit from its trading and investments units.
The commodities and markets and capital divisions were the main contributors in the year to March 31, helping Macquarie beat its own earnings guidance with a 16.6 percent rise in annual net profit. Earnings from its asset management, banking and financing businesses shrank. While the strong result reinforced the 50-year-old company’s push to strengthen its global position under Wikramanayake, investors’ profit expectations for this year now needed to drop by 7 percent, UBS analysts said in a note to clients.Macquarie shares fell as much as 7 percent, before recovering to be 5.4 percent lower in the afternoon, while the broader market was slightly higher.
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