Macquarie Annual Profit Drops 24%

Macquarie Group Ltd

reported a 24% fall in its net profit for the year ended March 31. Macquarie's annual profit dropped to 730 million Australian dollars (US$757.5 million), from A$956 million in the previous year. However, analysts were expecting a profit of A$726 million. Macquarie shares closed at $29.95 yesterday.