FCStone Group increases bad debt provision for energy trading account
FCStone Group expects to incur an additional $60m to $80m pre-tax bad debt provision in connection with previously-reported losses on a significant energy trading account.
The realized losses, which will be for the second quarter of fiscal 2009, could total $36m to $48m, or $1.30 to $1.73 per share after tax. A statement released today by FCStone said this reserve was in addition to the $25.7 million pre-tax bad debt provision announced last November and taken during the first quarter of fiscal 2009 in connection with losses on this account and two other domestic
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