TSX Group profit up 37% |
| The Star.com - Jul 26, 2007 |
TSX Group Inc. posted a 37 per cent increase in its second-quarter profit to $39.1 million and announced plans to slash its fees amid growing competition from upstart rivals.
The company, which operates the Toronto Stock Exchange and the junior Venture Exchange, said yesterday net income for its April-June period totalled 57 cents per diluted share. That compared with a profit of $28.5 million or 41 cents per share for the same period last year.
Revenue for the period increased 15 per cent to $106.2 million, while expenses jumped 23 per cent to $43.1 million.
Chief executive Richard Nesbitt called it a "record" quarter but said the company was bolstering its competitive position by reworking its fees and revamping its technology platform as new players try to chip away at its dominance.
The trading fee changes will be announced next month and take effect in the fourth quarter of 2007. However, executives are already warning the changes could reduce trading and related revenue by about $7 million to $10 million on an annual basis "if offsetting benefits, including increased volumes, are not realized."
Read Full Article from The Star.com
- Posted: 2007-07-26 10:44:14
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