(July 19 – 16:00 ET) – Fahnestock Viner Holdings Inc. is reporting improved net income for the second quarter ended June 30. The brokerage says it earned US68¢ a share, compared with US61¢ in the same period a year ago. The increase in net profit reflects higher net interest revenue and a reduction in expenses.
Second-quarter revenue for the second quarter fell 5% to US$69.4 million. Commission income and revenue from principal transactions were slightly lower as overall stock market volumes declined.
Fahnestock says results for the second quarter reflect substantially increased market volatility as technology stocks declined and then partially recovered during the quarter.
The company is declaring a regular quarterly dividend of US8¢ payable to holders of class A non-voting and class B shares of record on August 4.
-IE Staff