Trader Mercuria reports lower profit, core earnings
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)
- Obama says beheading 'shocked the conscience' of the world |
- Gaza war rages on, Hamas says Israel tried to kill its military chief |
- Four beheaded corpses found in Egypt's Sinai: security sources
- Father of Texas 'affluenza' teen arrested for impersonating police officer
- U.S. attorney general visits racially charged St. Louis suburb