Nomura Holdings posts 120 billion yen net profit

Nomura Holdings Inc. said Wednesday it posted a consolidated net profit of 119.91 billion yen in fiscal 2002, down 28.6 percent from the year before.

The result was attributed in part to a drop in nonfinancial expenses as a result of the transfer of private equity operations managed by the brokerage's now defunct Principal Finance Group in Britain to an investment partnership in March 2002.

Fairly strong performance of its core business also played a role, a company spokesperson said.

Compiling its results based on U.S. accounting standards, the Nomura group, which includes Nomura Securities Co. and Nomura Holding America Inc., chalked up 840.92 billion yen in operating revenues, down 53.9 percent.

The decrease was due largely to the removal of private equity operations of the Principal Finance Group from the consolidated results.