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Deutsche Boerse third quarter net profit up 10%, confirms full year targets

Deutsche Boerse third quarter net profit up 10%, confirms full year targets
FILE PHOTO: A general view shows the German stock exchange (Deutsche Boerse) in Frankfurt, Germany, February 12, 2019. REUTERS/Kai Pfaffenbach -
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KAI PFAFFENBACH(Reuters)
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FRANKFURT (Reuters) – German exchange operator Deutsche Boerse <DB1Gn.DE> on Monday said it posted a 10% rise in third-quarter net profit thanks to increased trading in derivatives markets as well as power and gas markets and the company confirmed its targets for the full year.

Still, the results fell short of analyst expectations as operating costs rose 10%. The company reported earnings per share of 1.35 euros in the quarter, up from 1.22 euros a year ago but below a consensus forecast of 1.43 euros.

Consolidated net profit rose to 248.6 million euros ($275.90 million) from 225 million euros a year ago, the company said.

The company is “confident of meeting our full-year targets and confirm our guidance of around 10 per cent adjusted net profit growth for 2019”, said Gregor Pottmeyer, chief financial officer.

Theodor Weimer, who took over as chief executive at the start of 2018, has been trying to turn a page for Deutsche Boerse, which was entangled in an insider trading scandal in 2017 and since scrapped a planned merger with its London counterpart.

Deutsche Boerse had been in talks to buy FXall, a foreign exchange electronic trading platform owned by Refinitiv, for about $3.5 billion, but the deal was derailed by LSE’s <LSE.L> bid for all of Refinitiv earlier this year.

(Reporting by Tom Sims; editing by Jonathan Oatis and Deepa Babington)

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