April 26, 2018 / 11:42 AM / 7 months ago

Oil price agency Platts' revenue rises on core subscription growth

(Reuters) - Oil pricing agency S&P Global Platts posted a 3 percent rise in quarterly revenue in its first published results on Thursday, helped by growth in its core subscription business.

Investor interest in price reporting agencies such as S&P Global Inc's (SPGI.N) Platts has risen since rival Argus Media sold a major stake reut.rs/2r2MqQP in 2016 to a private equity firm.

S&P Global, which is home to the Standard and Poor’s Global Ratings agency, is in flux since it was rebranded from McGraw Hill Financial two years ago, but has not indicated whether there was any plan to divest Platts.

Adjusted operating profit at Platts - an independent provider of information, benchmark prices and analytics for the energy and commodities markets - declined 4 percent to $95 million in the first quarter ended March 31 due to lower trading volumes.

Operating profit margin increased 270 basis points to 46 percent. Revenue rose to $196 million from $191 million.

The revenue growth was partially offset by a decline in its global trading services business as reduced volatility in key commodity products led to lower trading volumes.

($1 = 0.72 pounds)

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel

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