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Tuesday, 19 February, 2002, 16:10 GMT
Deutsche Boerse profits surge
Frankfurt skyline
Frankfurt, home of Deutsche Boerse
German stock exchange operator Deutsche Boerse has posted a strong rise in full year profits, shrugging off a decline in equities trading.

Demand for derivatives contracts offset the decline in equity trading during a tough year for global stock markets, and more particularly for the recession-hit German economy.

Deutsche Boerse, which floated its shares on its own exchange a year ago, saw those shares rise 2.3% to nearly record levels after the results were released.

Its full year figures since flotation showed operating profits up 28% to 278m euros ($242m; 169.6m).

Sales income rose 17% to 760.3m euros.

For the final three months of 2001, operating profits rose even more sharply, up 51% to 52.8m euros, ahead of market expectations.

Deutsche Boerse owns the Xetra trading platform on which 90% of German stocks are traded.

Equity trades down

Profits at that division suffered in the wake of 11 September and were down 57% lower in the October to December period than in the same quarter in 2000.

But earnings at the Eurex derivatives exchange more than made up for it.

Eurex, which is jointly owned with the Swiss Stock Exchange, moved into the black, racking up underlying profits of 15.4m euros in the final three months of the year compared with losses of 0.7m euros a year earlier.

Tokyo too

Meanwhile, the Tokyo Stock Exchange set a date to copy Deutsche Boerse's example, saying it would float its shares on its own bourse by March 2004.

To get itself in shape for a flotation, the Tokyo bourse will trim its workforce by 100 through a recruitment ban.

The TSE said it hoped to make a profit in the year to March 2002.

It also set out a profits goal of 4.8bn yen for the year beginning April 2005.

Deutsche Boerse shares stood at 44.5 euros in midday trade on Tuesday.

See also:

18 Oct 01 | Business
Deutsche Boerse 'in Liffe bid'
16 Oct 01 | Business
Liffe 'mulls takeover bids'
12 Oct 01 | Business
Euronext 'joins battle for Liffe'
30 Sep 01 | Business
London exchange battle hots up
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