Athens Stock Exchange announced EUR1.9m net after tax profits 

The consolidated net after tax profits of the Athens Exchange Group amounted to EUR1.9m vs. EUR4.1m in the first quarter (Q1) of 2015, reduced by 54%. The net after tax profits per share, which include the securities valuation differences and related taxes, amounted to EUR0.02 vs. EUR0.05 over the corresponding period last year.

The turnover of the Group amounted to EUR7.7m in Q1 2016 vs. EUR10.1m over the corresponding period in 2015, while after subtracting the Hellenic Capital Market Commission fee, total consolidated revenue amounted to EUR7.3m vs. EUR9.6m.

The consolidated revenue of the Group is reduced due to the drop in both trading activity and the capitalization of the cash market. In Q1 2016 the average daily traded value (ADTV) was EUR71.7m, compared to EUR116.2m, a 38% reduction, while on 23.05.2016 ADTV was EUR72.4m. The average capitalization of the Greek capital market dropped by 20% compared to Q1 2015 (EUR39.1bn vs. EUR48.8bn), while on 23.05.2016 it was EUR46.9bn. Market liquidity, as measured by turnover velocity, dropped to 45.8% in Q1 2016 from 59.5% in Q1 2015, while the average daily volume dropped to 124m shares compared to 210m shares over the corresponding period last year.

In the derivatives market, the average daily number of contracts dropped by 23% (66.8 thousand vs. 86.7 thousand), while the corresponding trading and clearing revenue posted an 55% reduction due to the drop in the prices of the underlying securities and the change of the product mix in the market.

Τotal operating expenses including new activities amounted to EUR4.16m vs. EUR4.10m in the corresponding period last year, posting a slight 1.4% increase.

Depreciation in the first quarter is up compared to the corresponding period last year because, as a result of the valuation of the real estate assets of the Group, plot of land values (which are not depreciated) were reduced, while building values increased.

In calculating profits per share, the losses on the securities that the Company possesses are included; these securities were valued at EUR3m on 31.3.2016 compared to EUR3.7m on 31.12.2015.

The consolidated Earnings Before Tax (EBT) in Q1 2016 amounted to EUR2.7m vs. EUR5.6m over the corresponding period last year.

Source: Athex Group

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