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MF Global Q4 Loss Narrows

MF Global Holdings, a US-based brokerage firm, has posted a net loss applicable to common shareholders of $96.5m, or $0.78 per basic and diluted share, for the fourth quarter of fiscal 2010 ended March 31, 2010, compared with a net loss to common shareholders of $119.3m, or $0.98 per basic and diluted share, for the same period of fiscal 2009.

Total revenues, for the fourth quarter of fiscal 2010 were $564.73m, compared to $470.63m for the same period last year.

Net loss to common shareholders for the full- year 2010 was $167.7m, or $1.36 per basic and diluted share, versus a net loss of $69.7m or $0.58 per basic and diluted share, last year. Full-year 2010 net revenues declined to $2.14bn from $2.91bn in fiscal year 2009.

Jon Corzine, chairman and CEO of MF Global, said: “We are taking decisive action to fundamentally improve the earnings profile of this company. The first step in this process is a realignment of our cost structure. We are focusing on compensation, including staffing levels and our incentive structure. In addition, we are reevaluating initiatives that do not demonstrate accretive characteristics in the near term.”