The result for the March quarter is a profit before tax of $1,300k (after tax $869k). The result for the quarter reflects increased trading over the comparative period in 2003 and continues the trading trend from the last quarter of 2003.
Revenue was $3,751k representing a 53.6% increase on the same quarter in 2003. The increased revenue is a direct reflection of the trading activity, increased market information sales, new pricing (which took effect in July 2003) and increased listings for the quarter which generated $194k (March 2003 nil).
The volume of equity trades in the March quarter increased 13.3% over the same quarter last year to 136,982. The value in equities traded in the quarter ended March 2004 increased 29.8% to $5,751m on the same quarter in 2003.
Expenditure for the quarter of $2,451k represents an increase of 23.6%. This is predominately made up of previously outsourced work which has been brought in house resulting in new staff being employed to implement existing and new initiatives. All other expenditure, although higher than last year's average is at an acceptable level.
NZX is pleased with the result for the quarter which continues to be ahead of the cash flow projections presented in the June 2003 Investment Statement and Prospectus.
These financial results are for New Zealand Exchange Limited only and do not include the consolidation of NZX Funds Management Limited. There is nil impact on profitability as a result of not consolidating this subsidiary. The results are unaudited.
Full financials can be found on the NZX website at www.nzx.com/aboutus/investor/financial.
Key Financial Information for the Quarter:
- Revenue of $3,751k
| 1. Listing revenue | $1,211k |
| 2. Trading, clearing & settlement revenue | $987k |
| 3. Market Information revenue | $670k |
| 4. Surveillance Fees | $306k |
| 5. Participant Fees | $106k |
| 6. Interest Income | $342k |
- Expenditure of $2,451k
| 1. Staff and related costs | $1,348k | 2. Information Technology | $299k |
- Net earnings after tax of $869k
- EBITDA of $1,067k
