ASX Fiscal Year Profit Falls, Cuts Dividend

By Alice Uribe

SYDNEY--ASX said its annual profit was 38% lower, partly due to the impact of significant items, including those associated with its Clearing House Electronic Subregister System.

The company, Australia's dominant securities exchange, said Thursday that its net profit totaled 317.3 million Australian dollars (US$203.8 million) in the 12 months through June, up from A$508.5 million a year earlier.

ASX's operating revenue fell 1.2% to A$1.01 billion, with growth in its listings revenue offset by weaker equity trading and securities and payments activity.

"In one of the fastest tightening monetary cycles on record, with geopolitical tension and lower equity trading volumes, ASX has delivered a resilient underlying financial result," said Chief Executive Helen Lofthouse. "This is the second time the Group has achieved a full year operating revenue performance of over A$1 billion, underscoring the strength of our diversified business model."

The company's directors declared an interim dividend of 112.1 Australian cents a share, compared with 120 Australian cents a share last year.

ASX reiterated guidance provided in June at its Investor Day. It has guided for FY 2024 total expense growth of between 12-15%, with an operating expense review underway expected to bring this expense growth figure down in FY 2025.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

August 16, 2023 19:07 ET (23:07 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.