The New Zealand Stock Exchange made an after-tax profit of $1.9 million in the six months to December 2002, due largely to a levy on members to cover the cost of demutualization.
Exchange brokers contributed $2 million through the one-off levy which was used to cover the cost of the change from a mutual enterprise into a profit making entity. Without the levy, the NZSE would barely have broken even, balancing revenues of $5.2 million against costs of $5 million.
"The NZSE had a relatively strong six months considering the costs that were associated with demutualisation and restructuring," chief executive Mark Weldon told the Waikato Times, continuing: "With demutualisation now complete the company can look forward to growth through new initiatives and expansion of services currently provided."
The exchange gathered the largest portion of its revenue from listed company fees at $1.6 million. Revenues from securities trading brought in $1.4 million for the NZSE, whilst the sale of information raised more than expected at $1.2 million.
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