KEY POINTS:
Stock market operator New Zealand Exchange (NZX) is reporting a 25 per cent increase in first quarter net profit to $2.17 million.
The result compares with $1.74m in the first quarter of 2007, and was made on operating revenue up 10 per cent to $7.99m, while operating expenditure rose 7 per cent to $4.31m.
NZX chief executive Mark Weldon said that in what had been widely recognised as a challenging capital market environment, the structure of NZX's business lines had enabled it to continue growing revenues faster than costs.
Operating revenues were up 10 per cent on the first quarter last year, which showed the NZX franchise had strengthened and the business remain ed healthy and continued to grow, he said.
Annual listing fees, a revenue line not affected by short-term market fluctuations, were up 19 per cent in the first quarter.
Operating revenues were down 5 per cent from the fourth quarter of 2007, reflecting the impact of short-term market sentiment on initial and secondary listings and trading revenue lines in particular, Mr Weldon said.
Operating expenditure was down 8 per cent on the fourth quarter, driven by focused and successful cost control measures within the NZX business.
- NZPA
