Nomura posts $1.48 billion loss from ties to bad US debt

The 153.9 billion yen loss contrasts with last year's quarterly profit of 33.1 billion yen, posted long before the beginning of a global shakeout from investments in U.S. subprime mortgages. Revenue fell 69 percent in the quarter to 126 billion yen ($1.21 billion) from 588.6 billion yen.

The quarterly losses contributed to an annual net loss of 67.9 billion yen ($652.9 million) during the fiscal year ended March 31, compared with profits of 175.8 billion yen the previous fiscal year.

Revenue for the entire fiscal year fell 22 percent to 1.594 trillion yen ($15.3 billion) from 2.049 trillion yen.

Financial information provider Nikkei Quick had forecast Nomura would turn an annual profit of 132.7 billion yen.

Nomura said its losses in the fourth quarter came mostly from a $1.27 billion exposure to monoline insurers, which are companies that offer single financial services like insurance and mortgages.

The global market operation recorded large losses because of "turmoil in the credit market," the company said in a statement.

Quarterly revenue from domestic operation also fell 36.7 percent, largely because of Japanese stock market losses.

Nomura did not release an earnings forecast, but did not change its target dividend.

Nomura's American Depository shares closed at $15.71 Thursday, down more than 21 percent from a year ago.