Intercontinental Exchange’s net income in the second quarter was $72m, a decline of 15% from the same period in 2008, after it took an $11m impairment charge on its investment in India’s National Commodity and Derivatives Exchange.
But on a non-GAAP adjusted basis, stripping out that charge, net income was $83m, a fall of only 2%.
ICE bought 8% of the Indian exchange in 2006 for $37m, but was forced to sell a 3% stake this year to comply with an order from the Indian regulator that foreign investors should not hold more than 5% of any exchange.
It had already written the 8% holding down by $16m, and based on the price it obtained for the 3%...