(Reuters) – Australian financial conglomerate Macquarie Group said on Tuesday quarterly profit contribution from its market-facing businesses rose substantially, fuelled by higher demand for natural gas and oil.
The Sydney-based firm, which does not disclose profit figures in quarterly updates, said an improvement in overall market conditions resulted in a ‘record’ quarter for the group.
Australia’s largest asset manager benefited from strong hedging and trading activity as volatility and price movements in commodity markets remained elevated over the quarter.
“We continue to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions us well to respond to the current environment,” said Chief Executive Officer Shemara Wikramanayake.
The company also benefited from strong investment realisations in infrastructure – which includes green energy, business services and technology sectors.
(Reporting by Harish Sridharan in Bengaluru; Editing by Krishna Chandra Eluri)
