U.S. brokerage firms saw their profits slide, but specialist firms enjoyed an increase, in the first quarter of 2005, according to the New York Stock Exchange.

The NYSE reports that its member firms that conduct business with the public reported first-quarter after-tax profits of US$1.7 billion and revenues of US$49.2 billion.

Profits are down from US$3.3 billion in the same quarter last year, although revenues for the period last year were just US$39.4 billion. The number of firms reporting losses increased from 47 in 2004 to 79 in 2005.

By contrast, for first-quarter 2005, NYSE specialists reported after-tax profits of US$43 million. During the same period last year, specialists reported US$11 million in after-tax losses. Total specialist revenue in first-quarter 2005 was down however, to $228 million, compared to $252 million in first-quarter 2004.

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