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UPDATE 1-Toronto Stock Exchange operator TMX misses estimates

Published 2015-08-05, 08:16 p/m
© Reuters. UPDATE 1-Toronto Stock Exchange operator TMX misses estimates
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(Adds analysts' estimates, details on company's )
TORONTO, Aug 5 (Reuters) - TMX Group Ltd X.TO , the
operator of the Toronto Stock Exchange, reported a
lower-than-expected quarterly profit, hurt by a drop in revenue
at its issuer services and cash markets trading businesses.
TMX, which has a dominant grip on market activity in Canada,
has suffered along with its many resource-based issuers on the
sharp decline in commodity prices. It also faces competition
from the new Aequitas Neo exchange, although the new entrant's
inroads have so far been minimal.
TMX has shuffled businesses and executives recently, selling
its investor relations and financial communications arm Equicom
and launching an online cattle exchange.

Along with the main exchange based in Toronto, TMX also
operates a derivatives market in Montreal, a small-cap index in
Vancouver, clearing and other services.
The Toronto-based company said it had earned net profit
attributable to shareholders of C$27.6 million, or 51 Canadian
cents per share, in the quarter, compared with a loss of C$26.4
million, or 49 Canadian cents per share, a year earlier.

The company took a C$128.4 million pre-tax non-cash
impairment charge related to its Box U.S. options business and
other costs last year.
Excluding one-time items, the company earned 93 Canadian
cents per share. On that basis, analysts on average expected TMX
to earn 97 Canadian cents a share, according to Thomson Reuters
I/B/E/S.
Revenue fell marginally to C$178.7 million.
The company's shares, which have fallen more than 12 percent
in the past year, closed at C$49.93 on the Toronto Stock
Exchange.

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