Posted AT 6:58 PM EST on 14/04/08
Bear Stearns profit plummets 79 per cent
NEW YORK — Bear Stearns Cos. Inc. said Monday profit fell 79 per cent in its fiscal first quarter, ahead of a liquidity crisis that led to the investment bank's purchase by JPMorgan Chase & Co.
Net income for the quarter ended Feb. 29 fell to $115-million (U.S.), or 86 cents per share, from $554-million, or $3.82 per share, a year earlier. Net revenue, after interest expense, declined 40 per cent to $1.48-billion.
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