KCG Holdings Inc (KCG) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $11.21 million, or $ 0.13 a share in the quarter, against a net profit of $21.94 million, or $0.24 a share in the last year period.
Revenue during the quarter plunged 44.69 percent to $208.53 million from $377.04 million in the previous year period. Net interest income for the quarter rose 162.69 percent over the prior year period to $0.68 million. Non-interest income for the quarter fell 57.61 percent over the last year period to $120.01 million.
Daniel Coleman, chief executive officer of KCG, said, “Market activity quickly died down after a brief post-Brexit flurry to close the second quarter and remained subdued throughout July and August with cautious trading and realized volatility near all-time lows. Despite a modest pickup in September, the trading environment proved challenging for our quantitative trading models. Although KCG’s financial results for the quarter were disappointing, we nonetheless posted strong market share in core segments of the market. In addition, we completed the acquisition of Neonet, which expands KCG’s agency-based electronic trading in Europe ahead of anticipated opportunities from regulatory changes with the implementation of MiFID II.”
Assets, liabilities fall
Total assets stood at $6,750.60 million as on Sep. 30, 2016, down 1.45 percent compared with $6,850.17 million on Sep. 30, 2015. On the other hand, total liabilities stood at $5,310.95 million as on Sep. 30, 2016, down 1.19 percent from $5,374.80 million on Sep. 30, 2015.
Investments stood at $93.78 million as on Sep. 30, 2016, down 94.58 percent or $1,637.47 million from year-ago. Shareholders equity stood at $1,439.65 million as on Sep. 30, 2016, down 2.42 percent or $35.73 million from year-ago.
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