By DPA
New York : US investment bank Merrill Lynch reported Thursday a net loss of $8.6 billion from continuing operations in 2007, citing “significant declines” in its fixed income, currencies and commodities segments and major second-half write-downs.
The loss figure, at $10.73 per diluted share, compared with a profit of $7.1 billion in 2006.
The overall net loss for 2007 was $7.8 billion, or $9.69 per diluted share, Merrill Lynch said. In 2006 the overall net profit was $7.5 billion.
Net revenues in 2007 dropped 67 percent to $11.3 billion, from $33.8 billion the year before.
Merrill Lynch said that in the second half of the year, revenues where hurt by a weaker business environment and write-downs of $7.9 billion in the third quarter and $11.5 billion in the last quarter.
In the fourth quarter, net losses from continuing operations were $10.3 billion, with pre-tax losses in the quarter of $14.9 billion, Merrill Lynch said.
The report comes three days after the company announced plans for a new capital infusion of $6.6 billion to shore up its balance sheet ahead of the fourth-quarter results.