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Jefferies first-quarter profit drops on high costs
March 20, 2012 / 12:21 PM / 6 years ago

Jefferies first-quarter profit drops on high costs

* EPS 33 cents per share vs. 42 cents year-ago

* Higher costs, weak asset management revenue

March 20 (Reuters) - Jefferies Group Inc reported lower first-quarter earnings on Tuesday, due to higher costs and a sharp drop in asset management revenue.

The midsize investment bank earned $77.1 million, or 33 cents per share, down 12 percent from the $87.3 million, or 42 cents per share, it earned in the same period a year before.

Jefferies’ first quarter ended Feb. 29.

Results were weighed down by a 5 percent rise in non-interest expenses, lower revenue from commissions and principal transactions and more than a 76 percent decline in asset-management revenue, which fell to $5.6 million from $23.9 million.

The earnings still beat muted expectations from Wall Street analysts, who were looking for 29 cents per share, according to Thomson Reuters I/B/E/S.

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