Australia’s Macquarie expects 2021 profit to rise up to 10%

SYDNEY: Australia’s Macquarie Group Ltd said on Monday it expected its fiscal 2021 profit to be as much as 10% higher than the previous year, citing increased client demand for gas and power as a result of extreme winter conditions in North America.

Unusually cold weather in several U.S. states has led to days of electricity outages, with Texas particularly hard hit.

“Extreme winter weather conditions in North America have significantly increased short-term client demand for Macquarie’s capabilities in maintaining critical physical supply across the commodity complex,” the company said in a statement.

Macquarie’s commodities trading division physically ships gas on most major pipelines across the United States.

The Sydney-based firm said it expected after-tax net profit for fiscal 2021 ending March 31 to be about 5% to 10% higher than last year.

Earlier this month, the financial conglomerate had forecast full-year earnings for the group to be “slightly” lower than in fiscal 2020.

– Reuters