ASX Net profit inches up

Bourse operator ASX Ltd has reported a 2.9 per cent rise in half-year net profit, helped by new technical services and derivatives products in tough market conditions.

ASX, which is battling to defend its market share from new entrant Chi-X, said adjusted net profit rose to s180.7 million in the half-year to December 31 from $175.6 million last year, slightly below a consensus forecast of $183 million.

ASX last year lost its more-than-two-decade-old monopoly of the Australian market. It announced a new platform late last year, targeting high frequency trading in order to defend its market lead from Chi-X.

ASX shares have slipped 0.3 per cent since Chi-X was launched on October 31, while the broader benchmark index has risen in the same period.