* Deutsche Boerse Q3 EBIT 245.4 mln eur
* Q3 net income 159.9 mln eur
* Q3 net revenue 471 mln eur
* Abandons FY EBIT, revenue targets because of lower
FRANKFURT, Oct 29 German exchange operator
Deutsche Boerse abandoned its 2012 revenue and profit
targets as lower market volatility caused a slump in
The operator of the Frankfurt Stock Exchange and the Eurex
derivatives exchange said the company now expects full-year 2012
net revenue of around 1.95 billion euros, well below the initial
target range of between 2.15 billion euros to 2.3 billion euros.
"In the prior-year period, market participants had entered
into more hedges than usual and regrouped their portfolios more
frequently due to substantial volatility connected with the
turbulence in the euro zone and the downgrade of the US credit
rating," the company said.
Net revenue fell to 471 million euros in the third quarter,
down from the 578.6 million in the year-earlier period.
For 2013 the company said it was "well positioned" to
generate higher net revenue than in 2012, but weak trading in
October would nonetheless "negatively impact" its full-year
forecast of achieving earnings before interest and taxes (EBIT)
in the range of 1.2 billion euros to 1.35 billion euros.
In July, Deutsche Boerse signalled it may have to abandon
its full-year revenue target.
Third-quarter EBIT fell to 245.4 million euros from 333
million euros in the same period a year earlier, but broadly in
line with the 247 million euros forecast in a Reuters poll.