The firm posted a second-quarter net income of $8m, compared with $12m in 2004. Its total revenues also dropped 7% from $277.3m last year to $259.3m.
Instinet’s continuing operations also experienced a fall to $5m from $9m a year earlier, while revenue from institutional trading dropped 8% to $145m with average trading down 16% to 93 million US shares a day.
Meanwhile, the firm’s online trading service Inet gained a profit of $10m in the second quarter, despite a 5% fall in revenue to $118m.
The results included $25m in net investment gains, $16m in severance charges, $5m in advisory fees and $1m in asset write-offs.
CEO Edward Nicoll claims the results indicate the company’s sixth consecutive profitable quarter in a challenging and difficult business environment.
The group is currently in talks to merge with the Nasdaq stock market.
