Nomura Holdings' earnings plunged 80% in its fiscal first-quarter as difficult conditions in financial markets caused its clients to trade less and postpone a number of deals. 

Japan’s largest brokerage said Friday its net income fell to $26.7 million  for the April-June period from $132 million yen a year earlier.

However, it was the company’s fifth consecutive quarter of profitability.

Nomura’s wholesale division, formed on April 1, had net revenue of $1.25 billion in the first quarter, down 49% on the year, and a loss before income taxes of $475 million yen.

Within this unit, the company said its global markets, or trading, revenue fell from the previous quarter due to subdued client activity. Investment banking revenue also declined as a number of deals in the pipeline were postponed due to the adverse market conditions. However the company said it maintained its leading market share across products in Japan and worked on high-profile cross-border deals, including advising Grifols, a Spanish company specializing in the hospital-pharmaceutical sector, on its $4 billion dollar acquisition of Talecris, a biotherapeutic company based in the U.S.

“We remained profitable in the quarter despite the difficult market environment. Our retail and asset management businesses reported another quarter of solid results as we accurately responded to the needs of our clients,” said President and CEO Kenichi Watanabe.

“Although revenues in our wholesale business declined due to the adverse market conditions, we saw further growth in our client franchise and flow businesses. Looking ahead, we will continue to build out our revenue base by maintaining our focus on client businesses and supplying liquidity to our clients backed by our robust financial position.”