Van der Moolen Holding N.V. today provides a business update ahead of the publication of the Q2 results on 14 August 2008.
Van der Moolen expects to report a net profit of around € 9 million (before preferred financing dividend) in the second quarter of 2008 compared with a net loss of € 8.7 million in the second quarter of 2007 and a net profit of € 4 million in the first quarter of 2008.
Richard den Drijver, CEO of Van der Moolen Holding N.V. comments:
"In the second quarter the upward trend of Van der Moolen's results has continued from the first quarter and resulted in a strong profit growth. Our cooperation with GSFS Asset Management in proprietary arbitrage trading, which we announced in October 2007, contributes strongly to the results. We also benefit from the release of capital resulting from the closure of our US specialist activities."
The expected net profit for the second quarter includes a goodwill impairment of € 2 million on the European brokerage activities due to challenging market circumstances. Excluding the impairment the net profit (before preferred financing dividend) amounts around € 15 million for the first half of 2008.
Van der Moolen will report full second quarter results on 14 August 2008.
For more information about Van der Moolen, please visit www.vandermoolen.com