The net profit of the Bucharest Stock Exchange (BVB) declined 44 percent, to 1.8 million lei, in H1 2016, according to a report posted on the BVB website.
“The net profit for BVB Group in Jan-Jun 2016 was RON 1.8 million, 44 percent below the y-o-y period, also influenced by the unrealised exchange rate losses from the revaluation of foreign currency financial assets, with a net margin of 13 percent. The trading segment has contributed with a half-yearly profit of RON 1.7 million to the full group net profit. On 6 June, BVB paid the dividends from the 2015 net profit of RON 6.7 million, 100 percent from the 2015 profit after the legal reserves. The gross dividend approved for 2015 was RON 0.8687/share,” reads the latest BVB half-yearly financial report.
BVB says that in the first half of 2016, the impact of weaker results of the first quarter generated 5 percent lower operating revenues in y-o-y terms to 14.2 million lei and 5 percent lower operating expenses in y-o-y terms to 12.9 million lei, following the measures taken to counter the operating revenues’ decrease.
“The consolidated operating profit registered a small 4 percent y-o-y decline to RON 1.2 million, as the trading segment of the group (activities performed by BVB alone) generated RON 1.3 million compensating from this amount the lower performance of other segments. The unrealized foreign exchange losses, resulting from the revaluation of the financial assets held in foreign currency, reduced by RON 0.3 million the six-month net financial revenues which reached almost RON 1 million, compared to the year-ago period when foreign exchange gains resulted from the revaluation of cash and financial investments in foreign currency added RON 1 million to the financial result of RON 2.5 million,’ the report shows.