SSIF Broker 1Q Net Profit Up 90% To RON2.2M

05.13.2011 By Andrei Circhelan

Romanian brokerage firm SSIF Broker Cluj-Napoca (BRK.RO) Friday reported a net profit of 2.2 million lei (EUR536,000) for the first quarter, up 90% from RON1.2 million in the similar period a year ago.

The broker's revenue more than doubled to RON7.28 million in January to March, from RON2.8 million in the year-earlier period, while expenditure almost tripled to RON5 million, from RON1.6 million.

"The upward evolution of the local market brought an increase in financial revenue, especially in revenue from speculation on the stock portfolio, as overall financial revenue rose more than 3.6 times on the year," the company noted in a news release.

Sales dropped 22.1% in the timeframe analyzed, to RON944,000, following a decrease in the average commission applied to brokered transactions.

At the end of March, SSIF Broker ranked seventh among Bucharest Stock Exchange brokers, with a market share of 3.33% on the stock and fund units segment, and an overall value of transactions brokered at RON215 million.

The company's largest shareholder is regional investment fund SIF Muntenia (SIF4.RO) with a 10% stake.

SSIF Broker stock closed up 1.92% Friday, to RON0.265. (EUR1=RON4.106)