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Lower expenses boost TMX profit

Toronto Stock Exchange operator TMX Group Inc (X-T) on Wednesday posted a 22-percent rise in third-quarter profit, helped by lower expenses, and raised its dividend by 5 percent.

TMX, which also runs the junior TSX Venture Exchange and the Montreal Exchange derivatives market, said net income rose to $50.8 million, or 68 cents a share, in the third quarter.

That compares with a profit of $41.7 million, or 56 cents a share, in the year ago.

Analysts, on average, had expected TMX to earn 64 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 8 percent to $141.6 million, compared with analysts' average forecast of $141.7 million.

Operating expenses in the quarter fell 2 percent to $68.2 million.

The company also raised its dividend to 40 cents per share from 38 cents.

TMX Group shares have gained 13 percent of their value in the last six months. CTV Two CTV News CTV News Channel BNN - Business News Network CP24