Trader Mercuria reports lower profit, core earnings

LONDON Fri May 9, 2014 9:47am EDT

LONDON May 9 (Reuters) - Trading house Mercuria reported lower core earnings and net profit for 2013, citing a tougher trading environment and higher one-off investments to help accommodate the trading business of Wall Street bank JP Morgan .

Core earnings declined 7 percent to $562 million and net profit fell 11.7 percent to $273 million on revenues of $112 billion, up 14 percent on 2012.

The company has seen one-off investments of $370 million as it accelerated investments in IT, risk management and compliance and hired 100 new staff, Chief Financial Officer Guillaume Vermersch said. (Reporting by Dmitry Zhdannikov; editing by Jason Neely)

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