Bucharest Bourse Operator Posts RON2.2M Net Profit In 1Q

04.26.2011 By Andrei Circhelan

Bucharest bourse operator BVB (BVB.RO) posted a net profit of 2.2 million lei (some EUR539,000) in the first quarter of the year, down 11% from RON2.4 million in the same interval of the previous year.

Bucharest bourse operator BVB (BVB.RO) posted a net profit of 2.2 million lei (some EUR539,000) in the first quarter of the year, down 11% from RON2.4 million in the same interval of the previous year.

The BVB posted an operating profit of RON3 million lei (some EUR700,000) in the first quarter, compared to RON1.6 million in the first three months of 2010, but the net profit also took into account the financial loss.

The company made most of its net profit in the first quarter last year through financial earnings, RON1.6 million, mainly brought by bank deposits.

In the first three months of 2011, the BVB posted a financial loss of RON380,000, since the leu's fluctuations caused higher financial expenditure.

On March 31, the company had liquidity worth a total RON63.8 million, down 1% from RON64.6 million in the same interval of 2010.

Once investment fund Fondul Proprietatea (FP.RO) was listed, the bourse's indexes were positively influenced. As such, sales rose 34% on the year in the first quarter, to RON5.9 million, from RON4.4 million.

Operating expenditure dropped some 5% on the year, to some RON3 million, from RON3.1 million, due to a reduction in staff spending. (EUR1=RON4.0815)