August 1, 2013 / 10:27 AM / 5 years ago

CORRECTED-Toronto Stock Exchange operator TMX's profit beats expectations

(Corrects adjusted earnings to 74 cents from 89 cents. Adds paragraph to explain.)

Aug 1 (Reuters) - TMX Group Ltd, 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.

Excluding charges related to the sale of a price index, an increase in deferred income tax liabilities and charges related to the amortization of intangibles, the company reported income of 89 cents per share.

The company’s adjusted earnings of 74 Canadian cents per share topped analysts’ expectations of 69 Canadian cents per share, according to Thomson Reuters I/B/E/S, which had already adjusted estimates to include the charge of 15 Canadian cents related to the amortization of intangibles. ($1 = 1.0281 Canadian dollars) (Reporting by Krithika Krishnamurthy in Bangalore and Alastair Sharp in Toronto; Editing by Sriraj Kalluvila)

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