Boosted by a stock market surge that began in spring, Nomura Securities Co. and Nikko Securities Co. posted bubble era-like pretax profits in the first half of fiscal 1999, according to their earnings reports released Friday.

Nomura, Japan’s biggest brokerage, logged an unconsolidated pretax profit of 112.63 billion yen for the April-September period, up 414.5 percent from the same period last year. Nikko, Japan’s No. 3 brokerage, also registered a pretax profit of 54.52 billion yen, compared to an 11.6 billion yen loss a year ago.

Nomura chalked up a net profit of 73.28 billion yen compared to an 8.36 billion yen loss in the same period last year.

Nikko posted a net profit of 58.61 billion yen, coming back from a loss of 31.52 billion yen logged for April-September 1998.

Japan’s booming stock markets and increased revenues from underwriting newly issued securities contributed to the good performance, the firms said.

On a consolidated basis, Nomura posted a 91.69 billion yen pretax profit and a 54.73 billion yen net profit; Nikko logged a 71.38 billion yen pretax profit and a 54.63 billion yen net profit.

Nomura representatives played down the impact of brokerage commission deregulation, which took effect Oct. 1. The brokerage might suffer a revenue loss of about 10 percent from reduced fees, but the loss will be offset by lower costs, because more investors are switching to cost-efficient online trading, they said.

Daiwa Securities, Japan’s No. 2 brokerage, will announce its results on Nov. 5.

Three second-tier brokerages also posted pretax profits for the fiscal first half on Friday.

Kokusai Securities Co. recorded an unconsolidated pretax profit of 23.13 billion yen, up 153.9 percent from the first-half last year, while its unconsolidated net profit came to 13.349 billion yen, a whopping 917.3 percent surge from the same period last year.

Kankaku Securities Co., a subsidiary of Dai-Ichi Kangyo Bank, posted an unconsolidated pretax profit of 8.76 billion yen but registered an after-tax loss of 31.9 billion yen due to a 41.38 billion yen extraordinary loss from liquidating financially ailing affiliates and lowering its appraisal of the value of its real estate holdings.

Yamatane Securities Co., a member of the Sakura Bank group, posted a pretax profit of 4.575 billion yen, compared to a 712 million yen loss in the fiscal 1998 first-half. Its net profit was 1.21 billion yen, in contrast to an after-tax loss of 1.83 billion yen last year.

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