Business
Macquarie flags 35 per cent pandemic hit to first-half earnings – Sydney Morning Herald
Macquarie Group has told investors the turmoil unleashed by coronavirus will see its earnings for the current half dive and said it is unable to provide meaningful guidance for the year due to the uncertainty.
For the second half ending March 31, it reported a 13 per cent slide in net profit to $1.27 billion and the group said on Monday that earnings for the current half year will be 25 per cent below this figure.
At its most recent update at the group’s annual meeting in July, Macquarie said the turmoil unleashed by the coronavirus will make it tougher for the company to reap the benefits of asset sales. It highlighted challenging conditions across all of its businesses, with the banking division hi…
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