Australian Eagle Asset Management prefers to “focus on facts rather than the story” and believes too many meetings with company management can leave investors swayed by management speak.
Sets final div of A$3.35/share, nearly double vs year ago Co well-positioned in medium term - CEO (Adds quotes from CEO interview and fund manager; updates shares)
May 7 (Reuters) - Australian financial services firm Macquarie Group posted a record annual profit, beating its guidance, as an earnings windfall from volatile energy, precious metals and currency markets offset weakness in some fee-based businesses.
Sydney-listed Macquarie said on Friday net profit rose 10.6% to A$3.02 billion ($2.35 billion) for the year to end-March, topping the 5-10% increase it foreshadowed two months earlier, as its commodities trading unit grew profit by 50%.
That overshadowed flat or lower contributions from elsewhere in Macquarie’s global web of financial businesses, as the coronavirus pandemic hit profits from its aircraft leasing unit, pressured merger and acquisition fees and squeezed banking margins by driving interest rates to ultra-low levels.
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