Oslo Børs VPS Holding reports a profit of NOK 42.2 million (NOK 115.9 million) for the first quarter of 2009. The group had operating revenues of NOK 231.1 million (NOK 293.8 million) in the quarter. The decrease in revenues and profit is a result of reduced market activity and price reductions that came into effect in 2008.
Key figures for the Oslo Børs VPS group:
1st quarter 2009 |
1st quarter 2008 |
2008 | |
Operating revenues | 231 131 | 293 829 | 1 147 170 |
Operating profit | 53 111 | 149 300 | 158 621 |
Earnings for the period | 42 176 | 115 867 | 44 948 |
Earnings per share (NOK) | 0.98 | 2.69 | 1.05 |
Earning per share before amortisation and write-downs (NOK) | 1.43 | 2.83 | 10.78 |
A more detailed presentation by business areas is provided in the quarterly report.
Relative to the first quarter of 2008, revenues declined by NOK 63 million or 21%. The year-on-year reduction in revenues in the first quarter related largely to trading and settlement of shares and to fixed annual fees paid by issuers and investors based on market values.
Costs before amortisations and write-downs of excess value for the first quarter increased by NOK 15 million or 11% relative to the same period in 2008. Salary and other personnel expenses have increased due to an increase in the number of employees and increase in salaries.
As a result of changes made to the amortisation periods for the excess value that arose as a result of the merger of Oslo Børs Holding and VPS Holding in November 2007, amortisation of excess value in the first quarter was NOK 18 million higher than in the same period in 2008.
The group’s revenues vary in line with activity levels. Reductions in fees, effective as of September 2008 and May 2009, will have an effect on operating revenues in 2009.
Operating expenses for 2009 are at present expected to be in the order of NOK 600 million (reduced from NOK 650 million in previous report), of which depreciation and amortisations of excess value are expected to account for around NOK 65 million and NOK 95 million respectively. Investment spending planned for 2009 is in the order of NOK 150 million.
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