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TMX Group (T.X) reports second-quarter profit after merger expenses a year ago

Canadian Press, The Canadian Press
0 Comments| August 1, 2013

By The Canadian Press

TORONTO - TMX Group Ltd. (TSX: T.X) rose to a profit in the second quarter as it recovered from costs related to Maple Group's acquisition booked last summer.

The company, which operates the country's largest stock exchange, said net profit attributable to shareholders was $25.5 million, or 47 cents per share.

That marks an increase from a loss of $28.4 million, or $33.99 a share, in the comparable period last year.

On an adjusted basis, TMX beat expectations with earnings of 74 cents per share, five cents higher than consensus expectations compiled by Thomson Reuters.

The TMX Group was acquired by some of Canada's largest banks, pension funds and other financial services as members of what was known as the Maple Group. It is also integrating the Canadian Depository for Securities and Alpha Trading Systems into its business.

Quarterly revenue was $182.3 million in the period, which does not have directly comparable results prior to the merger.

"Our integration work with CDS and Alpha is advancing very well and we are working together to identify new opportunities to serve our customers by having listing, clearing and trading activities across multiple asset classes under common ownership," said chief executive officer Thomas Kloet in a release.

"While a general slowdown in capital markets activity in Canada has impacted our equities business, we benefited from the diversity of our portfolio."

Shares of the company rose three per cent, or $1.35, to $46.55 on the Toronto Stock Exchange.


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