Australia's Macquarie warns of 35% drop in first-half earnings on virus hit, shares drop

said on Monday it expects first-half earnings to be about 35% lower, citing challenging market conditions due to the coronavirus pandemic and uncertainties about the global economic recovery.

The extent to which those conditions would hurt its overall fiscal 2021 profitability was uncertain and made short-term forecasting extremely difficult, the company said in a statement. Macquarie reiterated its stance on Monday, saying it still could not provide “meaningful” earnings guidance for the full year.

Macquarie said its commodities, markets and capital divisions’ combined first-quarter net profit contribution was lower compared to the previous year, due to significantly lower investment-related income in the capital division.

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