International Assets posts 2nd straight quarter of lower profit, revenue

Mon. May 11, 2009; Posted: 06:27 PM

May 11, 2009 (The Orlando Sentinel - McClatchy-Tribune Information Services via COMTEX) -- IAAC | Quote | Chart | News | PowerRating -- International Assets Holding Corp.'s profit and revenue fell at a double-digit pace during its most recent quarter, triggered by a dropoff in most of its business lines, the Altamonte Springs-based brokerage company reported Monday.

International Assets earned $4 million, or 44 cents per share, in the three months ending March 31, down 33 percent from the year-ago quarter. Quarterly revenue decreased 17 percent to $24.8 million.

Revenues were down 19 percent in equity market-making services; 5 percent in commodities trading; and 40 percent in asset management services. Its foreign exchange trading revenue rose 51 percent.

It was the second straight quarter International Assets' profit fell at a double-digit rate, driven by writeoffs in the value of its commodities portfolio. It has still managed to remain profitable, while many brokerage businesses have absorbed major losses during the global investment downturn.

Using new "mark to market" accounting for its securities portfolios, the company's latest quarterly profit totaled $4.3 million, almost even with the year-ago quarter. New national accounting rules adopted last month made it possible for companies to price their assets at "normal" market values, rather than the fire-sale prices of the current decimated market.

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For full details on International Assets Holding Corporation (IAAC) click here. International Assets Holding Corporation (IAAC) has Short Term PowerRatings of 4. Details on International Assets Holding Corporation (IAAC) Short Term PowerRatings is available at This Link.

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