Sales down but profits up at OMX
20 October 2004 | 2859 views | 0
Scandinavian trading technology vendor and exchange operator OMX is reporting a better-than-expected third quarter profit, despite experiencing a 10% downturn in sales.
OMX says third quarter profit jumped 146% to Skr96 million from Skr39 million on reduced costs. The result was better than analyst expectation for Skr83 million profit, but below the previous quarter's total.
Third quarter sales at Skr656 million were 10% down on the year ago period, and 13% down on the second quarter.
OMX CEO Magnus Bocker attributed the downturn in sales to seasonal factors and company restructuring.
He adds: "With regard to demand for technology solutions, we have not yet seen the tangible effects of the positive signals we received during the year from customers and we remain cautious in our market assessment for the next two quarters."