Macquarie admits difficult state due to uncertain market situation
Macquarie Group Ltd said on Thursday that uncertain market conditions are adversely affecting the company's numerous business activity levels though it clarified that it is quite early to tell for now the implications on the investment group's full year result for 2011.
Company chief financial officer Greg Ward said that the unpredictable market situations are making it hard for Macquarie to project its earnings outlook but he emphasised that it was too early to assess for now the company's full year 2011 result.
Speaking before a business audience at a UBS financial conference in Sydney, Mr Ward gave assurance that "Macquarie remains well placed over the medium term due to its strong balance sheet, capital and funding, diversified business mix, and the investment group's global depth and reach."
He said that despite the prevailing situation, Macquarie is looking forward for continued revenue and earnings growth in most of the company's businesses over time though he reminded that this will depend on accelerating and continuing economic activity across major markets.
Mr Ward added that Macquarie is anticipating sustained growth in its global interests, which should be fuelled by an expansion on the company's solid client franchise.
As of 1109 AEST, Macquarie's shares were trading down in the market as its stocks shed $1.57 or 3.68 percent to $41.10, which is the group's lowest trading value in almost a year.