NZX first quarter profit up 40 per cent

Stock exchange operator New Zealand Exchange Ltd (NZX) today posted a 40 per cent increase in first quarter profit.

NZX recorded a net profit after tax of $1.15 million for the three months to March 31, compared with $830,000 in the same quarter a year ago.

Earnings before interest, taxation, depreciation and amortisation rose 41 per cent to $1.57 million, while expenses rose by 10 per cent to $3.13 million.

The result was based on total operating revenue of $4.83 million, up 17 per cent.

"The key financial indicators for NZX are showing double digit growth in a period when capital markets have continued to perform strongly," NZX chief executive Mark Weldon said.

The exchange's benchmark top-50 index rose 8 per cent in March, the biggest monthly rise since 1998, but Mr Weldon was keen to stress that the NZX was putting on a strong show, independent of broader market movements.

"Listings and index performance have been stronger this quarter than the equivalent period in 2005, however NZX's sustainable, independent and growing revenue streams continue to deliver consistent and solid results irrespective of these factors," Mr Weldon said.

During the period, NZX acquired rural data supplier Agri-Fax, which gave it an entry to the rural sector.

Shares in NZX last traded yesterday at $8.60 against a year high of $9.01 and a low of $6.55.

- NZPA