BGC Partners, a global inter-dealer broker of financial instruments, has reported revenues of $338.3 million for the first quarter of 2008, a 23.9% increase compared to revenues of $273.1 million for the same quarter of 2007.

The company reported pre-tax distributable earnings of $50.8 million for the first quarter of 2008, compared to $23.8 million in the first quarter of 2007. The combined company’s brokerage revenues were $305.9 million, a 25.8% increase compared to $243.1 million in the same period of 2007.

Rates revenues increased by 11.2% to $155.1 million, credit revenues increased by 62.7% to $84.4 million, foreign exchange revenues increased by 14.5% to $37.8 million, and other asset classes revenues increased by 53.1% to $28.6 million, all compared to the same quarter of 2007.

The combined company’s compensation and employee benefits were 55.5% of total revenues, compared to 58.1% in the first quarter of 2007.

The combined company reported a GAAP net loss of $46.5 million or $0.25 per share, compared to a GAAP net profit of $21.4 million or $0.12 per share in the year-ago quarter.