Macquarie contributions down on Q1 last year
Macquarie Group has reported its contributions are down on quarter one last year, largely due to the timing of transactions and lower trade volumes in its securities business, its CEO said.
Ahead of the Group's Annual General Meeting (AGM), CEO Nicholas Moore said the Macquarie's contributions for the first quarter of the 2015 financial year were lower than the corresponding quarter in 2014 and the last quarter (quarter four, 2014).
Moore noted "the timing of transactions and lower volatility and volumes impacting Macquarie Securities and certain Fixed Income, Currencies and Commodities businesses" contributed to the change in contribution levels.
"There were no significant one-off items in the quarter," he said.
However, he said the outlook for the group is broadly good and noted the Group's annuities-style businesses in line with this time last year.
In a statement on the Australian Securities Exchange (ASX), the Group said its hopes for a better performing 2015 relied on improving market conditions.
In addition to the market, the Group's main challenges included tax and regulatory uncertainties, it said.
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