OMX profits in freefall

OMX, whose board has recommended a takeover offer from Borse Dubai, reported on Thursday a drop in fourth-quarter operating profit to 255 million Swedish crowns ($39.96 million).

That compared with 320 million crowns in the third quarter and 355 million in the year-earlier period.

Revenues rose to 1.1 billion crowns from 1 billion a year ago. OMX said its board did not propose a dividend.

The exchange chose to focus on the full-year results, which showed operating profit up to 1.3 billion crowns from 1.2 billion in 2006.

"2007 was a turbulent year for OMX," said OMX Chief Executive Magnus Bocker in a statement. "Most people will recall the turns of events surrounding the merger with NASDAQ ... Above all else, this was the year in which OMX delivered its best earnings ever."

Borse Dubai has teamed up with US exchange Nasdaq to buy the Nordic exchange owner for 265 crowns per share, after which it would transfer OMX to Nasdaq in exchange for a stake in the combined group.

Regulators have approved the deal, and the OMX board this month backed it, though the Swedish government has not given its final sign-off. Government advisers last week said a Borse Dubai acquisition would be beneficial to the Swedish marketplace.

Sweden's financial markets minister, Mats Odell, is due to hold a news conference later on Thursday on OMX.

Print | Email | Discuss this article |

READERS' COMMENTS

View all comments (0)

Have your say

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM