Deutsche Boerse reports 36% quarterly profit gain

28th April 2011, Comments 0 comments

Frankfurt stock market operator Deutsche Boerse said on Thursday that its first-quarter net profit rose 36 percent to 212.8 million euros ($315 million), saying this was the best quarterly outcome since 2008.

The result was much better than an analyst forecast of 195 million euros compiled by Dow Jones Newswires.

Total revenue was eight percent higher at 558.6 million euros, while costs were cut by nine percent to 271.3 million.

That allowed Deutsche Boerse to move up its forecast for annual cost savings of 150 million euros by one year to 2012.

For 2011, total costs are estimated at 890 million euros, the company said, eight percent lower than its previous forecast.

Deutsche Boerse is bidding to team up with the NYSE Euronext stock exchange to become the world's biggest cash and derivatives trading platform, but must ward off a joint offer from rival exchanges NASDAQ OMX and ICE.

NYSE Euronext said on Thursday that it made a net profit of $155 million (105 million euros) in the first quarter, also better than analysts had expected.

Deutsche Boerse posted a core operating profit before interest and taxes of 316.3 million euros in the first quarter meanwhile, a gain of 29 percent on the year.

It did not release any more details on its plan for a tie-up with NYSE Euronext however, nor did it revise its full-year targets.

In midday trading, Deutsche Boerse shares were 0.54 percent higher at 55.58 euros, slightly better than the DAX index on which they are listed, which was 0.32 percent higher overall.

© 2011 AFP

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