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Excluding the NGF receipt, net profit after tax of $79.3 million reflects an increase of 25.7% when compared with the $63.1 million recorded for the corresponding nine months to 31 March 2004.
Operating revenue for the nine months to 31 March 2005, excluding interest and dividends but including the NGF receipt was $279.8 million. Excluding the NGF receipt, operating revenue was $208.3 million. This compares with $182.3 million for the corresponding nine months to 31 March 2004, an increase of 14.3%.
The NGF transfer was subject to specific legislation exempting tax on the transfer and consequentially no tax is payable on the receipt. ASX will not be paying a dividend on the NGF component of Net Profit After Tax as under the terms of the Minister’s approval, these funds must be maintained to meet potential clearing and settlement losses in a Restricted Capital Reserve Account.
Operating Performance
There were 159 new listings recorded for the period, compared with 130 for the corresponding nine months. This brings the total number of listed entities to 1,732 as at 31 March 2005. Approximately $11.0 billion in IPO (initial) capital and $17.9 billion in subsequent (secondary) capital has been raised on ASX’s market during the nine months to 31 March 2005.
Daily average SEATS trades (incorporating equities, warrants and interest rate securities) for the period were 23.8% higher than for the corresponding nine months (86,325 compared with 69,712). The average revenue per trade for the nine months was $4.79 compared with $5.33 for the previous corresponding period.
Daily average options contracts were also higher, 25.4%, than for the corresponding period, reaching 88,773. This compares with 70,775 for the corresponding nine months. The average revenue per contract for the nine months was $1.47 compared with $1.54 for the previous corresponding period.
The number of new warrant series listed during the period was 2,454 compared with 1,648 listed during the previous corresponding nine months, a 48.9% increase. Total warrant series listed at the end of the period were 2,111 compared with 1,838 as at 31 March 2004.
Profit and Loss Drivers Review
As previously advised to the market, ASX is undertaking a review of profit and loss drivers. ASX intends to make a statement to the market on the preliminary conclusions of this review in late May 2005.
Quarterly Unaudited Results Summary
| Actual 9 months to 31 March 2005 | Actual 9 months to 31 March 2004 | |
| Base Operating Revenue (a) ($m) – excluding NGF | 208.3 | $182.3 |
| Operating Revenue (a) ($m) – including NGF | 279.8 | $182.3 |
| Base Unaudited Net Profit After Tax and equity accounts (b) ($m) – excluding NGF | 79.3 | $63.1 |
| Unaudited Net Profit After Tax and equity accounts (b) ($m) – including NGF | 150.8 | $63.1 |
| Number of new listings (c) | 159 | 130 |
| Number of listed entities (c) | 1,732 | 1,598 |
| Equity
trading, clearing and settlement (d)
Total trades (‘000) Average trades per day Average revenue per trade |
||
| 16,402 | 13,454 | |
| 86.3 | 69.7 | |
| $4.79 | $5.33 | |
| Options
Total contracts trades (‘000) Average contracts per day Average revenue per contract |
||
| 16,867 | 13,660 | |
| 88.8 | 70.8 | |
| $1.47 | $1.54 | |
| Warrants
Number of new warrant series Total warrant series on issue |
||
| 2,454 | 1,648 | |
| 2,111 | 1,838 | |
| Capital
Raised
Total IPO (Initial) Capital Raised ($ billion) Total Subsequent (Secondary) Capital Raised ($ billion) |
||
| $11.0 | $8.2 | |
| $17.9 | $22.7 |
(a)
Operating revenue excludes interest and dividends, ASX Perpetual Registrars, but includes
Orient Capital.
(b) The profit figure includes interest and dividends, ASX Perpetual Registrars and Orient Capital.
(c) Includes interest rate securities.
(d) Includes trades in equities, interest rate securities and warrants.
Daily volumes for equity, interest rate security and warrant trades, and for options and futures contracts are available on www.asx.com.au.
Average Revenue Per Equities Trade
| Single side (buy or sell) | Actual 9 months to 31 March 2005 One side | Actual 9 months to 31 March 2004 One side |
| Order
fee
Trade fee Clearing and settlement( e) |
0.15
0.54 0.95 |
0.15
0.56 1.14 |
| Total trading, clearing and settlement charge to brokers (one side) for buy or sell trade | 1.64 | 1.85 |
| Total
of both buy and sell
Other CHESS fees Non broker participants Listed companies |
3.28
0.15 0.37 0.99 |
3.70
0.16 0.39 1.08 |
| Total Average revenue per trade | 4.79 | 5.33 |
(e) Net of settlement volume rebate.
