One-off events drive Warsaw Stock Exchange operator's profit to record high

One-off events drive Warsaw Stock Exchange operator's profit to record high
By bne IntelliNews November 2, 2017

GPW, the operator of the Warsaw Stock exchange, posted a net profit of PLN47mn (€11.1mn) in the third quarter, representing an annual growth of 18.9% y/y, the company said on October 31.

The result was driven by a combination of one-off factors, such as the release of provisions earmarked to cover costs that eventually proved lower, as well as a refund of interest on overdue taxes, GPW said.

GPW’s sales revenue grew 10.1% y/y to PLN81.1mn in the third quarter, while its EBITDA expanded 10.3% y/y to PLN57.4mn.

The sales revenue from the financial market came in at PLN48.9mn, an increase of 4.7% y/y; it contributed 60.2% of the total sales revenue of GPW, which is 3.2pp less than in the third quarter of last year. Turnover on the equity market grew 9.1% y/y to PLN53.3bn. Trading on the gas market nearly doubled in Q3 in annual terms to 46.4 terawatt hours (TWh), while trading on the electricity market fell 7% y/y to 27.6 TWh.

The sales revenue from the commodity market grew 19.7% y/y to PLN32mn in Q3 and it contributed 39.4% to GPW’s total revenues in July-September. 

The Warsaw Stock Exchange turned out to be the third busiest in Europe in the third quarter in terms of IPOs, behind London and Zurich. The IPO of telecom Play Communications – worth over PLN4.4bn – was Europe’s second-biggest IPO in the third quarter, GPW said.

 

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