New Zealand Exchange (NZX) today announced a net profit of $894,000 for the first quarter, up 2.8 per cent on the same period last year.
The stock exchange operator reported operating earnings before interest, tax, depreciation and amortisation (ebitda) of $1.32 million, up 24 per cent from the $1.07 million
posted for the first quarter of last year.
The earnings were achieved on operating revenue of $4.14 million, up 19 per cent on the $3.47 million reported for the same period last year. NZX Funds Management Smartshares contributed operating revenue of $291,000, up from $65,000 in the first quarter of 2004.
Operating expenses for the March quarter also increased, rising 17 per cent to $2.82 million. NZX said this was driven by an increase in staff and IT costs, and higher operating costs attributable to NZX's Smartshares subsidiary. Non-recurring expenditure relating to the collapse of Access Brokerage was $106,000 for the period.
NZX chief executive Mark Weldon said in a statement the company's core market operations business benefited from healthy transaction activity within the first quarter.
"While there were no new listings in the first quarter (versus three in quarter 1 2004), secondary capital raising activity was strong," Mr Weldon said.
Average daily transactions reached 2675 for the quarter, up 15 per cent on the same period last year, boosting transaction revenue by 18.1 per cent to $1.13 million.
Shares in NZX were unchanged at 900c shortly after the market opened today, having traded between 710c and 1055c over the past 12 months.
- NZPA
