By Ross Kelly
SYDNEY--Macquarie Group Ltd. (MQG.AU), Australia's biggest
investment bank, Thursday kept its guidance for stronger profit
this year after higher performance fees from its infrastructure
funds helped offset weaker commodities markets.
Net profit in the year to March 31 was still expected to be
higher than the 851 million Australian dollars (US$778 million)
reported the previous year if market conditions remained stable,
Macquarie said in a statement.
Earnings were boosted by A$65 million in performance fees
collected from U.S.-listed Macquarie Infrastructure Co. (MIC) and
Australian-listed Macquarie Atlas Roads Group (MQA.AU). The
division is also benefiting from positive foreign-exchange
movements amid a recent drop in the value of the Australian dollar
against the U.S. currency, Macquarie said.
Earnings in the fixed income, currencies and commodities
business are expected to be flat this fiscal year, as resource
equity markets continue to remain challenging, Macquarie said.
Prices for commodities have come under pressure as China's economy
cools.
Write to Ross Kelly at ross.kelly@wsj.com
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