Shares in Macquarie Group soared after the investment bank announced a rise in full year profit. Source: AAP
MACQUARIE Group shares have soared to a near three-year high after the financial firm reported a double-digit lift in net profit, boosted dividends and flagged further improvement in the year ahead.
The 17 per cent lift in full year net profit to $851 million beat market expectations of about $820 million and was above the company's own forecasts.
It was achieved on the back of improved market conditions and further cost reductions, with staff numbers falling by 539, or about four per cent, over the year.
"Global market conditions generally improved during the year to 31 March 2013 which, together with strong cost control across the group, led to the improved result," Macquarie chief executive Nicholas Moore said in a statement on Friday.
A $1.25 per share final dividend, 40 per cent franked, took dividends for the full year to $2.00, up from $1.40 in 2012.
In terms of the outlook, Macquarie said earnings in the current year should improve on fiscal 2013 provided market conditions did not deteriorate.
"We expect the year to come will be better than the year we have just had," Mr Moore told reporters.
Investors cheered the Macquarie result, sending the stock up 10.88 per cent, or $4.23, to $43.11 at the close of trade on Friday.
It was the stock's highest finish to the local session since June 2010.
Morningstar head of financials David Ellis said the lift to the dividend was a "pleasant surprise".
"We expect the stock to push higher in coming days due to a combination of consensus upgrades and an improved outlook for dividends and franking," Mr Ellis said in a research note.
Net operating income for fiscal 2013 fell four per cent to $6.7 billion.
Total operating expenses fell 10 per cent to $5.3 billion.
Macquarie Securities (MSG) reported the weakest performance, suffering a full year net loss of $50 million amid subdued market conditions.
The result was however an improvement from a net loss of $194 million in the prior year, led by improved market volumes in the fourth quarter, as well as reduced operating expenses and lower legacy costs.
Macquarie Funds, Banking and Financial Services, Macquarie Capital, and Fixed Income, Currencies and Commodities reported improved net profit for fiscal 2013, while profit was broadly in line with the prior year at Corporate and Asset Finance.
Meanwhile, Macquarie said director Catherine Livingstone, who joined the board in 2003, would not seek re-election when her term expired in July.
Also, Macquarie group head of banking and financial services Peter Maher will retire after 12 years in the role, with Greg Ward appointed as his replacement.
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