Macquarie Group Ltd
(ASX:MQG) says it expects a 25 per cent drop in first half profit to 30 September, the guidance underpinned by weak market conditions.
Deputy Managing Director, Richard Sheppard says global market conditions are impacting activity levels in Macquarie Securities, Macquarie Capital and Fixed Income and Currencies and Commodities.
Adding, that uncertain economic conditions make short-term forecasting difficult.
For the year to 31 March 2011, the investment bank anticipates profit to be broadly in line with fiscal 2010, if market activity returns to normal levels during the second half of the current fiscal year.
The group advises that Macquarie’s other businesses, Corporate Asset Finance, Banking and Financial Services and Macquarie Funds, continue to expand, underscoring the Group’s general market share.
Macquarie Group reported a profit of over $1 billion for the year ending 30 March 2010.
