Toronto Stock Exchange operator TMX's profit beats expectations

Thu Aug 1, 2013 6:25am EDT
 
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(Reuters) - TMX Group Ltd X.TO, owner of Canada's biggest stock exchange, reported a better-than-expected second-quarter profit.

Net income was C$25.5 million ($24.8 million), or 47 Canadian cents per share.

Comparing the Toronto Stock Exchange operator's performance versus a year ago is complicated because a consortium of Canadian financial institutions bought TMX last September and rolled in the smaller Alpha exchange and Canadian Depository for Securities Ltd, a trading clearinghouse.

The company reported adjusted earnings of 89 Canadian cents per share, beating the average analyst forecast of 69 Canadian cents, according to Thomson Reuters I/B/E/S.

(Reporting by Krithika Krishnamurthy in Bangalore and Alastair Sharp in Toronto; Editing by Sriraj Kalluvila)