TMX quarterly profit dips as market environment weighs
TORONTO Feb 4 (Reuters) - TMX Group Ltd, the owner of the Toronto Stock Exchange, reported a dip in quarterly earnings, as revenues from its core listings business slid, amid a slump in prices of copper, oil and other commodities that hurt listings on the bourse.
The TSX and its sister concern, the TSX Venture Exchange, are both heavily weighted toward natural resource companies, and the sudden plunge in oil prices, coupled with the prolonged slump in metal prices has weighed on TMX's fortunes.
In a statement late on Tuesday, Toronto-based TMX said its net profit attributable to shareholders was C$41.1 million, or 76 Canadian cents per share, compared with a profit of C$41.4 million, or 77 Canadian cents per share, a year earlier.
Excluding one-time items, the company earned 93 Canadian cents per share. Analysts polled by Thomson Reuters I/B/E/S had on average expected it to earn 97 Canadian cents a share on that basis.
Despite challenges in its core listings business, revenues from its ancillary businesses like trading and clearing, and technology services grew, boosting overall revenue by 1 percent to C$182.7 million in the quarter.
(Reporting by Euan Rocha; Editing by Paul Simao)
© Thomson Reuters 2017 All rights reserved.