Deutsche Boerse 1Q Net Profit Drops On Weak Investor Activity
26 Aprile 2012 - 8:47PM
Dow Jones News
German exchange operator Deutsche Boerse AG (DB1.XE) Thursday
said net profit fell 32% in the first quarter, reflecting weak
trading volumes in stocks and derivatives markets as uncertain
investors stayed on the sidelines during the European debt
crisis.
A higher tax rate and a rise in quarterly costs, driven by a
number of one-time expenses, also undermined the results somewhat.
These include expenses lingering from the failed merger with NYSE
Euronext (NYX), costs for restructuring and for the full
acquisition of the Eurex derivatives exchange.
The German exchange's figures are being widely watched, as they
are the first quarterly standalone figures after the European Union
blocked the planned merger with NYSE Euronext, which will report
first-quarter earnings Monday.
First-quarter net profit fell to EUR146.2 million from EUR214.8
million in the same quarter a year earlier, shy of the average
analyst estimate of EUR172 million.
Revenue was down 1% to EUR552.4 million from EUR558.6 million a
year earlier, matching the EUR552 million forecast by the analysts.
However, revenue benefited from the first-time consolidation of the
full ownership of the Eurex derivatives exchange, effective in the
first quarter. Without that effect, revenue was down 5%, notably
due to weaker activity in financial markets, Deutsche Boerse
said.
Deutsche Boerse shares closed up EUR0.16, or 0.3% Thursday,
underperforming the DAX. The shares have lost 12% over the past
year, lowering market value to EUR9 billion.
-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500;
ulrike.dauer@dowjones.com
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