Tokyo, Oct 27, 2008 (Jiji Press) - Nikko Citi Holdings Inc. said Monday its key brokerage units had dismal earnings in the fiscal first half ended last month amid the escalating global financial crisis.
Nikko Cordial Securities Inc., whose core operations are retail services, logged net operating revenue of 95,108 million yen, down 22.8 pct from the same period last year.
Operating profit fell 48.3 pct to 18,494 million yen. Net profit was down 40.0 pct at 12,131 million yen.
Nikko Cordial slashed its sales and administration costs in the July-September quarter by 5.3 billion yen, but this was not enough to offset sluggish sales of stocks and investment trusts.
At the end of September, the balance of customer assets under the care of Nikko Cordial stood at 28.2 trillion yen, down 3.2 trillion yen from three months before.
Investment banking arm Nikko Citigroup Ltd. posted a net loss of 10,177 million yen, even larger than the year-before loss of 2,370 million yen.
Operating loss expanded to 14,209 million yen from 3,879 million yen. Net operating revenue was down 36.0 pct at 31,072 million yen.
Nikko Citi was created in May through the merger of Nikko Cordial Corp. and Citigroup Japan Holdings Ltd., a unit of U.S. financial giant Citigroup Inc.
Copyright © 2010 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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