Bulgarian Stock Exchange operator grows 9-mo net profit

Bulgarian Stock Exchange operator grows 9-mo net profit

The Bulgarian Stock Exchange (BSE, which operates the country's sole functioning stock exchange, said that its standalone net profit rose to 1.4 million levs ($838,000/716,000 euro) in the first nine months of the year from 1.2 million levs in the same period of 2019.

The company's performance was largely supported by a higher dividend received by its unit Independent Bulgarian Energy Exchange (IBEX), data from the BSE's interim financial statement, published on Wednesday, shows.

The BSE's financial revenue, including the dividend from IBEX, rose to 2.25 million levs from 1.77 million levs in the first nine months of 2019.

Revenue from client contracts grew by 6.8% to 1.29 million levs in the January-September period of 2020. The rise was mostly due to a 16.9% increase in commissions for deals on the bourse.

Operating expenses amounted to 2.18 million levs in the review period, up from 1.81 million levs the year before. The increase was mostly due to higher personnel costs, which accounted for roughly half of the total operating costs.

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