Freddie Mac, the U.S. mortgage giant, reported Thursday that its second-quarter net income slipped 45 percent.
The decline was primarily due to a higher provision for credit losses and mark-to-market losses on credit-related items.
The company said it earned 764 million dollars, or 1.02 dollars a share, in the quarter ended June 30, compared to 1.40 billion dollars, or 1.93 dollars a share, in the same period a year ago.
Total quarterly revenue rose to 2.26 billion dollars, up nearly 5 percent from the prior year's 2.15 billion dollars.
"On the credit front, we are seeing weakening," said CEO Richard Syron in the company's press release. However, "we are well positioned relative to the overall marketplace to weather the ongoing disruptions in the mortgage markets." he added.
Source: Xinhua
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