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Deutsche Boerse says net profits down in 2012

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(Globalpost/GlobalPost)

German stock market operator Deutsche Boerse said Tuesday it booked net profit of 660 million euros ($895 million) in 2012, down from 849 million euros a year earlier.

Underlying profit, as measured by earnings before interest and tax (EBIT), amounted to "around 1.0 billion euros", the group said in preliminary figures.

A year earlier, Deutsche Boerse had booked EBIT of 1.152 billion euros.

Revenues were also down at 1.93 billion euros, compared with the year-earlier figure of 2.233 billion euros.

And the group said it would cut its dividend to 2.10 euros per share for 2012 from 2.30 euros for 2011.

Deutsche Boerse, which is scheduled to publish details of its fourth-quarter and full 2012 earnings on February 19, said it would was seeking cost-savings of 70 million euros a year by 2016.

The statement did not specifically say whether the measures would entail job cuts, but Deutsche Boerse management "will immediately enter into discussions with the staff representatives.

"As in the past, the company intends to implement the measures without forced redundancies and as socially responsible as possible," it said.

Deutsche Boerse shares were performing slightly better than the overall market in afternoon trading on the Frankfurt stock exchange, adding 0.54 percent, while the blue-chip DAX 30 index was up 0.23 percent.

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http://www.globalpost.com/dispatch/news/afp/130205/deutsche-boerse-says-net-profits-down-2012-0