Brokerage firms on the New York Stock Exchange returned to profitability in the second quarter, although they reported a sharp decline from the same period a year ago.

NYSE member firms that conduct business with the public reported after-tax profits of US$1.07 billion (for the second quarter, down from US$2.75 billion in the same quarter a year ago.

Revenues were also down significantly to US$61.01 billion, compared with US$95.24 billion in the second quarter of 2007.

In the year-to-date, NYSE firms are reporting a collective loss of US$13.5 billion, down from a profit of US$5.8 billion for the same period last year.

In the first quarter of 2008, firms reported a loss of US$14.5 billion.

EI