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This is an archive article published on March 6, 2012

Goldman8217;s Asia business posts loss

Goldman's Asia unit posted a loss of 103 mn,compared with a profit of 2 bn.

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Goldman Sachs8217; Asia operations swung to a loss in 2011 from a year-ago profit,as the business was hurt by declining stock prices and increased market volatility in the region,a company filing showed.

In a filing with the U.S. Securities and Exchange Commission SEC on Feb. 28,Goldman8217;s Asia unit posted a loss of 103 million,compared with a profit of 2.08 billion in 2010.

Goldman8217;s Asia net revenue in 2011 fell about 46 percent to 3.86 billion. The bank8217;s Asia operations include Australia and New Zealand.

Goldman said its Asian net revenue fell because of significant decline in equity markets in the region during 2011,along with weak performance in investing and lending activities.

Goldman also said in the filing that it recorded a loss of 517 million from its investment in ordinary shares of Industrial and Commercial Bank of China Ltd.

In November,Goldman sold 1.1 billion of shares in ICBC,less than originally expected as global markets plunged on concern of a worsening European debt crisis.

 

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