Stock exchange operator NZX Limited experienced a big increase in operating earnings in the first quarter to March compared to the prior period although the result was down slightly on the first quarter of 2009.NZX said its earnings before interest, tax,
Stock exchange operator NZX Limited experienced a big increase in operating earnings in the first quarter to March compared to the prior period although the result was down slightly on the first quarter of 2009.
NZX said its earnings before interest, tax, depreciation, amortisation and financials in the three months to March 31 was $4.6 million, up 60% on the fourth quarter 2009. The figure was down 3% on the first quarter 2009.
Overall revenue was up 1% at $11.85 million on the previous three months, and up 46% on the same period a year ago.
NZX said the strong earnings lift was largely due to active cost management.
Operating expenditure fell 18% to $7.25 million on the previous three months, a vast improvement on the first quarter 2009, when costs climbed 113%.
Net profit of $2.94 million was down 3% on the same period a year ago.
NZX said it expected cost reductions to continue throughout the remainder of the calendar year.
“NZX expects to see earnings and margin steadily improve over the remainder of 2010,” a statement said.
The company said the first quarter would be the weakest revenue quarter during the year.
“A strong performance in the March month indicates real upside potential over the rest of 2010 has already commenced.”
Listing revenue of $2.24 million, increased 15% on the first quarter 2009.
