First quarter profit for the operator of the New Zealand stock exchange has slipped as operating costs grew more than revenue.
But NZX says newly acquired businesses are diversifying its income sources and it's now seeing a turnaround in its market data business.
NZX made a profit of $2.9 million in the three months to the end of March, a decrease of 3% on the same period a year ago.
Revenue rose 1% to $11.9 million, but the cost of developing its agribusiness and energy portfolios, mainly from adding new staff, saw costs more than double to $7.3 million.
Listings and trading income rose and NZX says there's strong indications its market data arm has bottomed out, with terminal numbers rising for the first time in 15 months.
NZX expects listing income to increase - partly due to higher fees, a steady improvement in market data and stronger subscription sales from its agri-business arm, which includes rural publication, Farmers Weekly.
Aggregate costs are expected to fall, from savings due to integrating its recent acquisitions.
NZX shares rose 1 cent to $1.76 on Monday.
Separately, NZX's operating figures show the number of trades climbed 11% to 129,803 in the March quarter, though the value rose 1% to $5.2 billion.
