Of Special Interest
1st November 2011
Lazard profits slips for quarter on acquisition writedowns
Lazard reported Q3 net income of $52.9m (€37.3m £32.8m ¥4,005m Y336.2m) for Q3 and $177.2m (€125.1m £110.0m ¥13,426m Y1,127m) for the 9 months on a fully exchanged basis. This represented a FALL of 15% and no change compared with the respective periods of 2010.
For the quarter an increase in M&A balanced the falls in other areas to leave Financial Advisory unchanged on a year ago. Asset Management showed a 4% gain leading to a 2% overall gain at an operational level. Losses at the corporate centre level reduced this gain to 1%.
Compensation expense was reduced slightly however acquisition related asset writedowns led to an overall expense increase of 11% and pre-tax income down 12%.