Macquarie Group Limited (ASX:MQG) says it’s expecting its result for the 2012 financial year to be lower than 2011 by as much as 25 per cent.
In October the group forecast its net profit for fiscal 2012 to be lower than the $956 million achieved in the prior year. But since then, the company says Macquarie Securities and Macquarie Capital have continued to experience difficult trading conditions in many markets.
Second-half net profit has been tipped to come in 35 per cent higher though, than what was achieved in the first half.
Macquarie Group reported a net profit of $308 million in the six months to September 30, 2011.
