BSE's Profit Up 215% to 5.25 Mln Leva in 2007

BSE's Profit Up 215% to 5.25 Mln Leva in 2007

The Bulgarian Stock Exchange (BSE) booked 5.25 mln leva (2.68 mln euros) profit for 2007, a staggering increase of 215% compared to the 1.67 mln leva (854,000 euros) profit posted for 2006, the non-consolidate financial report of the company shows.

BSE raised its issued capital to 5.87 mln leva (3 mln euros) in the end of 2006, which translates into 0.89 leva per share.

The commissions collected for transactions sealed on the floor of the bourse marked a 106-percent increase and stood at 8.19 mln leva (4.18 mln euros) in the end of 2007, contributing to BSE's strong financial results.

The revenue from financial sanctions imposed to BSE members stood at 194,000 leva at the end of 2007, up 304% year on year.

The statement on the operating expenses of the bourse shows that the personnel costs rose by 33.1% to 2.7 mln leva in 2007, compared to 2006.

BSE employed a total of 38 as at December 31, 2007. The company had a payroll of 36 a year earlier.

The salaries of the employees, excluding social security payments and contributions, totaled 1.893 mln leva (968,000 euros) in 2007, the report shows. This means that the average monthly salary of BSE employees stood at 4,151 leva (2,122) in 2007.

This is an average figure, which means that the remuneration of the lower level employees is considerably smaller. This means that we can only guess what the average salary of the managerial team of the stock exchange is.

The social security payments amounted of 575,000 leva (294,000 euros), which means additional 1,261 leva (645 euros) per employee monthly, if the sum is distributed evenly.

A total of 44% of BSE is still state-owned.

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