Marsh & McLennan Cos. Inc. announced its fourth-quarter 2001 profit fell nearly 50 percent, impacted by several one-time items.
Reuters reported the New York-based company owns mutual fund firm Putnam Investments, whose earnings and revenues dropped in the quarter as assets under management fell amid the rough stock market conditions. Marsh & McLennan also owns the Mercer Consulting Group, which posted revenue and profit declines as well. Marsh & McLennan reported net income of $144 million, or 51 cents a share, down from $286 million, or 98 cents a share, in the year-earlier period.
Excluding one-time items, the company reported earnings totaled $286 million, or 99 cents a share, for the latest quarter.
Revenues related to risk and insurance services grew 11 percent to $1.3 billion in the fourth quarter, while operating income rose 22 percent to $265 million. However revenue at its Boston-based Putnam unit fell 15 percent to $629 million, a sign of the stock market slump.
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