Deutsche Boerse Q1 net profit gains 36 percent

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The Frankfurt stock market operator Deutsche Boerse said on Thursday that its first quarter net profit gained 36 percent to 212.8 million euros ($315 million), its best quarterly results since 2008.

The result was markedly 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, the company said.

For 2011, total costs are estimated at 890 million euros, eight percent lower than the company's 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 joing offer from rival exchanges NASDAQ OMX and ICE.

© 2011 AFP

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