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Bulgarian Stock Exchange boosts 2018 cons net profit backed by IBEX earnings

Author Mario Tanev
Bulgarian Stock Exchange boosts 2018 cons net profit backed by IBEX earnings Author: Bulgarian Stock Exchange / All rights reserved.

SOFIA (Bulgaria), February 28 (SeeNews) - The Bulgarian Stock Exchange (BSE) [BUL:BSO] said that its consolidated net profit soared to 3.9 million levs ($2.3 million/2.0 million euro) in 2018 from 202,000 levs in 2017, largely due to the consolidation of the earnings of its unit - the Independent Bulgarian Energy Exchange (IBEX).

The stock exchange operator boosted its consolidated earnings to 9.8 million levs last year from 2.5 million levs in 2017, figures from BSE's unaudited financial statement showed.

The BSE's consolidated expenses rose to 5.4 million levs in 2018 from 2.3 million levs the year before, largely due to an increase in expenses for salaries and hired services.

On a non-consolidated basis, the BSE posted a net profit of 415,000 levs and revenue of 3.3 million levs in 2018.

The BSE completed the acquisition of IBEX from state-owned Bulgarian Energy Holding (BEH) for 5.2 million levs in February 2018. The transfer of ownership of IBEX was requested by the European Commission in December 2015 to prevent abuse of BEH's dominant position. 

The Bulgarian Stock Exchange is the only functioning stock exchange in Bulgaria.

As at 12:00 CET on Thursday, the shares of the exchange operator traded 6.54% higher at 5.7 levs on the BSE regulated market.

(1 euro = 1.95583 levs)