NYSE firms lose ground in Q1

New York Stock Exchange member firms that conduct business with the public reported a dip in profits and increased revenues in the first quarter compared to the first quarter of 2006, the exchange said yesterday. First quarter after-tax profits for those companies fell 2% to $3.03 billion, compared to $3.08 billion in the year-ago period. Revenues for those companies increased 16% to $89.84 billion, up from $77.56 billion in the year-ago period. Expenses totaled more than $85.2 billion in the first quarter, up 17% from $72.9 billion in the same period last year. The number of profitable firms fell to 136 from 170, while the number of unprofitable firms increased to 63 from 46.