On Tuesday, stock market operator NZX reported a 91% drop in its profits for the first half NZX's net revenue for the six months till June 30 was $5.7 million, compared to $60.8 million a year before. Last year, during the same period, it had sold its assets in the TZ1 carbon registry business and Bond Exchange of South Africa.
The firm unveiled its results after the market had closed. The Company said that after account for the asset sales, interim profit remained flat.
NZX Chief Executive, Mark Weldon said, "It is difficult to compare directly with the first half of 2009, as the shape of the total business has changed so fundamentally since then".
He said that if the Company's business had not been restructured, then the operating profit would have plunged by at least 20%. It was working on information, markets and infrastructure.
The firm had acquired energy and agricultural Companies, and the Clear Grain Exchange in Australia.
NZX will be starting the Clearing House and the derivatives market, in September. It now intends to turn its attention on expansion plans from its assets.
On Tuesday, shares in NZX plummeted 2% at NZ$1.41. This year, the stock has plunged 40%, up till now.
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