Bursa first quarter net profit surges 81pc
Filed Under (Bursa News) by Webmaster on 21-04-2010
Tagged Under : Bursa Malaysia
BURSA Malaysia Bhd (1818) reported an 81 per cent surge in its first quarter net profit on better trading activity and expects a better performance for the full-year.
The stock and derivatives exchange operator expects higher interest in the Malaysian market following government plans to transform the economy to achieve higher growth.
” … we expect the securities market to continue to be resilient throughout the year,” Bursa said in a statement on its website yesterday.
Bursa made a net profit of RM28.1 million for the quarter to March 31 2010, as against RM15.5 million for the same quarter a year ago.
Revenue was up 37 per cent to RM88.1 million.
The stock market was up 3.8 per cent for the quarter under review. So far this year, it has gained 5 per cent.
Shares of Bursa have lost 5 per cent so far this year. It closed 0.3 per cent up to RM7.60 yesterday.
Equities trading revenue for the first quarter doubled to RM39.6 million as investor sentiment improved. The daily average trading value for on-market and direct business trades more than doubled to RM1.53 billion against the same quarter a year ago.
Stable revenue or income from listing fees and issue fees also improved 14 per cent to RM26 million due to higher listing fees and more initial public offerings, new warrants and secondary issues.
However, derivatives trading revenue fell 9 per cent to RM8.5 million due to lower trades in the FTSE Bursa Malaysia KLCI futures contracts.
“Interest in the Malaysian derivatives market is expected to improve upon the migration of derivatives products and trading activity onto CME Globex electronic trading platform in the second half of 2010,” Bursa said.
