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Budapest Stock Exchange profits plunge

The Budapest Stock Exchange will close 2009 with after-tax profit of almost HUF 1.4 billion, down 39.3% from HUF 2.3 billion in 2008 because of lower financial profits as clearing house KELER did not pay a dividend, the bourse said on Thursday, citing preliminary data.

The BSE's revenue fell 3.2% to HUF 3.2 billion in 2009. EBITDA, however, rose 4.5% to HUF 1.6 billion because of cost cuts.

Trading fees generated 55.9% of the total revenue in 2009. Listing and maintenance fees accounted for 19%, information sales for 19.9% and other revenue for 5.2%

Spot market turnover on the bourse fell 5.1% to HUF 5,482 billion in 2009. Share turnover within the total came to 5,138 billion, down 2.8% from a year earlier. Average daily turnover in equities fell to HUF 20.5 billion from HUF 21.1 billion in 2008, while equity market capitalization as a percentage of GDP grew to 21% from 13%. Equity market capitalization on the bourse rose to HUF 5,713 billion at the end of 2009 from HUF 3,554 billion a year earlier.

Five shares generated 97.5% of total share turnover: OTP Bank accounted for 68.9%, oil and gas company MOL for 11.9%, drug maker Richter for 8.7%, Magyar Telekom for 6.8% and pharma company Egis for 1.3%.

Turnover on the derivatives market fell 12.5% while the number of contracts dropped 15%. Forex products generated 57.7% of turnover, up from 51.8% a year earlier. Derivatives market turnover accounted for 40% of the bourse total in 2009, down from 42% in 2008. (MTI-ECONEWS)