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NZX first-half profit falls 21%, Grain Exchange outlook cut

NZX first-half profit falls 21%, Grain Exchange outlook trimmed

Aug. 15 (BusinessDesk) – NZX Ltd., the securities market operator, posted a 21% decline in first-half profit, mainly reflecting foreign exchange contract and accounting charges while revenue rose.

Profit fell to $4.5 million, or 3.67 cents a share, in the six months ended June 30, from $5.68 million, or 4.62 cents a year earlier, the company said in a statement today. Sales rose 11% to $26.6 million, lagging behind Forsyth Barr’s estimate of $27.7 million.

The Wellington-based company trimmed its ‘P&L’ forecast for the Clear grain exchange to a range of $1.5 million to $1.8 million, down from the $2.25 million estimate it gave investors at a briefing in March and said reported grain volumes in the second quarter had been “weak.”

NZX kept the carrying value Clear unchanged after a KPMG review last month though in the notes to the accounts it says the exchange needed to lift its share of relevant markets to 7% by 2015 from about 4% now.

Shares of NZX rose 2.3% to $2.25 this morning and have surged 44% this year.

The company is rated ‘outperform’ based on three recommendations compiled by Reuters.

(BusinessDesk)

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