Warsaw Bourse Profit Jumps 25% on Power Bourse PurchaseKonrad Krasuski
The Warsaw Stock Exchange said first-quarter profit jumped 25 percent from a year earlier after the purchase of Poland’s biggest power bourse.
Net income increased to 42.1 million zloty ($13.3 million) from 33.5 million zloty a year earlier, while revenue rose 24 percent to 79.4 million zloty, the state-controlled company said in a regulatory filing today. The power exchange, bought from the government and Polish utilities in February 2012, generated 26.1 million zloty of sales in the first quarter, while revenue from its financial-market business shrank 7.8 percent to 52.5 million zloty.
The bourse is central Europe’s biggest exchange, trading shares of 438 companies on its main market with a combined value of 702 billion zloty. The operator, which also runs the NewConnect trading platform for smaller companies and the Catalyst bond market, saw its stock-trading volumes rebound 1.5 percent to 55.7 billion zloty in the first quarter from a year earlier.
“The power market’s strong performance and a revival in equity turnover bode well for the next quarters,” Jaromir Szortyka, a Warsaw-based analyst in PKO Bank Polski SA, said by phone today.
Warsaw exchange shares jumped as much as 3 percent to 38.31 zloty today, the biggest intraday gain since Feb. 13.