Australia's biggest investment bank, Macquarie Group, has reported its first fall in full-year profits in 17 years. Net profit in the year to 31 March fell by 52% to A$871m ($635m). It also cut A$2.5bn ($1.8 billion) from the value of its assets because of the global financial crisis.
The bank said it had cash and liquid assets of A$30bn, up A$9bn on the year before. It also seen it was in a strong position to ride out the financial crisis. Macquarie is the owner of Arquiva and Red Bee and investor in many other media infrastructure companies.