BSE Jun quarter Net drops 76% to Rs 15.35 crore on higher expenses
Asia's oldest stock exchange BSE has reported a 76 percent plunge in net profit to Rs 15.35 crore for the three months ended June 30, 2012 hurt by higher expenses.
Mumbai: Asia's oldest stock exchange BSE has reported a 76 percent plunge in net profit to Rs 15.35 crore for the three months ended June 30, 2012 hurt by higher expenses.
The entity reported a net profit of Rs 64.16 crore in the April-June quarter of 2011, the BSE said in a statement.
The exchange's total income declined to Rs 136.36 crore in the second quarter ended June 30, 2012 from Rs 145.33 crore in the year-ago period.
The BSE said revenues from stock exchange activities that include transaction charges and listing fees fell 11 percent to Rs 95 crore. Besides, revenues from depository business slipped by 9 percent to Rs 29.54 crore.
During the quarter, the exchange's total expenditure including employee costs, and expenses related with computer technology among others grew to Rs 62.33 crore in the quarter under review from Rs 55.14 crore in the June quarter of 2011.
In addition, the BSE incurred an extraordinary expense of Rs 8.9 crore during the quarter.
"One of the group's subsidiaries suffered a loss by fire at its office premises during April, 2012. This has been disclosed as an extraordinary item during the period. Insurance claim for the same has been lodged," BSE said.