Morgan Stanley reports Q3 net loss of $91 million
20 Oct 2010
Financial services major Morgan Stanley today reported a third-quarter (July-September 2010) net loss of $91 million against a net profit of $498 million a year earlier as falling trade volumes weighed on its business.
Morgan Stanley reported net revenues of $6.8 billion, including negative impact of $731 million from tightening of the investment bank's debt-related credit spreads.
Income from continuing operations stood at $313 million. This works out to $0.05 per diluted share (including $0.30 loss from changes in debt-related credit spreads and $0.12 gain from a discrete tax item).
Against this, income from continuing operations stood at $936 million, or $0.50 per diluted share, for the same period a year ago.
The results for the quarter also included $176 million, or $0.12 per diluted share, associated with the repatriation of non-US earnings at a cost lower than originally estimated, the company said in a release.
The net loss, including discontinued operations reflected a loss of $229 million due to a write-down and related costs associated with the planned disposition of Revel Entertainment Group, LLC, it said.
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