Australian trading plunges

By Phil Boeyen, ShareChat Business News Editor

Thursday 19th April 2001

The Australian Stock Exchange has reported a lower profit for the nine months ended March and says there has been a significant drop in equity trades in the past three months.

In its latest financial update the ASX has recorded an operating profit after tax of A$37.5 million for the nine months to the end of March compared with A$40 million previously.

Revenue for the period was A$140.6 million, compared to A$141.3 million the previous year.

The ASX says while trading volumes for the first six months of the current financial year were above the previous corresponding six months, volumes for the third quarter of the year were significantly lower than the record volumes achieved in the third quarter of the 1999/2000 financial year.

For the three months ended March the ASX had 3.08 million equity trades compared to 4.78 million in the same period last year, at the height of the tech bubble.

For the nine months ended March the ASX says daily average equity trades fell from 53,896 last year to 50,209.

The ASX says the outlook for the full year remains largely dependent on the level of market activity for the remaining three months of the financial year, and in particular on the level of equity trading volumes.

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