Source AP ©

Goldman third-quarter profit shows excellent results

Wall Street projections turned false - Goldman Sachs Group Inc. on Thursday reported third-quarter results which were ahead of expectations. The world's largest investment bank realized gains from takeover advice and the sale of its holdings in an energy company.

Quarterly profit for the period ending Aug. 31 rose to $2.85 billion (EUR2.04 billion), or $6.13 per share, compared to $1.55 billion, or $3.26 per share, a year earlier. Revenue soared 63 percent to $12.33 billion (EUR8.82 billion) from $10.18 billion last year.

Results topped Wall Street projections for a profit of $4.35 per share on $9.57 billion (EUR6.85 billion) in revenue, according to analysts polled by Thomson Financial.

Goldman said investment banking produced record quarterly revenue of $2.15 billion (EUR1.54 billion) during the quarter, powered by its business in advising on takeovers. Meanwhile, stock trading also racked up a record $3.13 billion (EUR2.24 billion) of revenue during the period.

The investment bank also benefited from the nearly $1 billion (EUR720 million) sale of its interest in Horizon Wind Energy LLC.

"Given the difficult environment of the third quarter, many of our businesses were challenged," said Lloyd C. Blankfein, chairman and chief executive officer. "But overall, the quality of our franchise produced strong results as clients continue to look to us for advice and execution."

Comments
The Sham called Democracy
Ukraine dreams of what it can do to Crimea after winning war with Russia
Default more likely to hit American, rather than Russian economy
Putin in Austria: Europe doesn't like Russia very much, but it is fed up with USA too
Putin in Austria: Europe doesn't like Russia very much, but it is fed up with USA too
The Sham called Democracy
Saudi Arabia: War with Iran unavoidable
Default more likely to hit American, rather than Russian economy
Default more likely to hit American, rather than Russian economy
Moscow aware of NATO's plans to attack Russia
Ukraine and PMC Blackwater to poison Donbass with radioactive waste
Ukraine wants to have the army of Nazi zombies
Ukraine wants to have the army of Nazi zombies
Ukraine and PMC Blackwater to poison Donbass with radioactive waste
Ukraine dreams of what it can do to Crimea after winning war with Russia
Ukraine dreams of what it can do to Crimea after winning war with Russia
US sanctions to kill Russian banks and sovereign debt?
Most Russians do not notice absence of delicious foreign food products
Putin in Austria: Europe doesn't like Russia very much, but it is fed up with USA too
Default more likely to hit American, rather than Russian economy
Ukraine and PMC Blackwater to poison Donbass with radioactive waste