Goldman Sachs Posts Record Profit For Year

Wed., Dec. 17, 1997

Compiled From Wire Services

Goldman Sachs & Co. said Tuesday its profits fell 24 percent in its fiscal fourth quarter, but Wall Street’s last surviving large private partnership still had a record year.

Goldman earned $567 million before taxes for the quarter ended Nov. 28, down from $743 million in the year-ago period. Revenues rose slightly to $1.59 billion from $1.54 billion.

For the fiscal year, Goldman earned $3.01 billion before taxes, up 16 percent from $2.61 billion a year ago. The results surpassed the $2.66 billion Goldman made in 1993, its best year ever.

Because it is a private partnership, Goldman Sachs doesn’t disclose detailed financial information.

The firm said revenues for the year rose to $7.45 billion from $6.13 billion in the same period a year ago. However, expenses rose to $4.43 billion from $3.52 billion.

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Goldman Sachs Posts Record Profit For Year

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