MMC second-quarter earnings tumble
Marsh & McLennan Corporation (MMC) blames a net loss of $US193 million ($230 million) in the second quarter on a “goodwill impairment charge”.
This compares with the net profit of $US65 million ($77 million) it reported in the second quarter of last year. For the six months to June 30 its net loss was $US17 million ($20 million), compared with a net loss of $US145 million ($173 million) last year.
CEO Brian Duperreault says the global financial advice company performed well despite the “continued difficult economic environment” affecting its businesses.
“Results for our risk and insurance services segment were excellent,” he said. “Underlying revenue rose 2% excluding fiduciary interest income.”
This compares with the net profit of $US65 million ($77 million) it reported in the second quarter of last year. For the six months to June 30 its net loss was $US17 million ($20 million), compared with a net loss of $US145 million ($173 million) last year.
CEO Brian Duperreault says the global financial advice company performed well despite the “continued difficult economic environment” affecting its businesses.
“Results for our risk and insurance services segment were excellent,” he said. “Underlying revenue rose 2% excluding fiduciary interest income.”