FRANKFURT, Germany—Stock exchange operator Deutsche Boerse said its first-quarter profit rose 58 percent, propelled higher by improved trading activities and lower tax rates.
The Frankfurt-based operator of the DAX-30 index and derivatives exchange Eurex, which it owns jointly with the Swiss Exchange, earned euro304.2 million (US$472.4 million) in the January-March period, compared with euro192.3 million a year earlier. That was better than the euro264 million (US$409.9 million) that analysts polled by Dow Jones Newswires had forecast.
The results, released late Tuesday, were boosted by one-time gains, including euro9 million (US$13.9 million) in operating income from its acquisition of the International Securities Exchange Holdings Inc., acquired in December.
"Based on the strong performance in the first quarter, structural growth drivers across our business portfolio, increased volatility on the global markets and tight cost management, we are on track for continued earnings growth in 2008," said Chief Financial Officer Thomas Eichelmann.
Revenue rose 19 percent to euro644.5 million (US$1 billion) in the quarter, compared with euro543.1 million last year, pushed higher by more trading of its Eurex derivatives and settlement operations from its Clearstream operation, as well as the cash market trading on Xetra. The figure was just below the euro654 million (US$1.01 billion) that analysts had forecast, but included euro59.6 million (US$92.55 million) from ISE.
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