BGC Partners, Inc. (NASDAQ:BGCP), a brokerage company servicing the financial and real estate markets, has just published its financial report for the first three months of 2016, with Forex revenues staging a decent rise from the final quarter of 2015 and from the first quarter of 2016.
The company said its Forex revenues for the first quarter of 2016 amounted to $78 million, up 8.9% from the result of $71.6 million registered in the fourth quarter of 2015 and up 7% from the result of $72.9 million registered in the first quarter of 2015.
Total revenues for distributable earnings from financial services for the first quarter of 2016 amounted to $436.7 million, up 22.8% from a year earlier.
Overall revenues for distributable earnings reached $660.1 million in the first three months of 2016, up 17.1% from the same quarter in 2015.
Adjusted EBITDA, however, fell 20.1% year on year to $93.5 million.
On April 26, 2016, BGC Partners’ Board of Directors declared a quarterly qualified cash dividend of $0.16 per share payable on June 1, 2016 to Class A and Class B common stockholders of record as of May 16, 2016. The ex-dividend date will be May 12, 2016.
Management Comments
Howard W. Lutnick, Chairman and Chief Executive Officer of BGC, says,
“BGC’s first quarter post-tax distributable earnings grew by 24 percent year-over-year to $77 million, while our distributable earnings revenues increased by 17 percent to $660 million.
This strong performance was again driven by the addition of GFI, the ongoing success of Newmark Grubb Knight Frank, our Real Estate Services company, and the 68 percent revenue increase generated by our high margin fully electronic FENICS business. We expect our results to further improve as we continue to invest the proceeds from the sale of Trayport and continue to produce synergies from GFI and our other recent acquisitions.”
For the full report from BGC Partners, click here.