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Saturday, October 25, 2008

Bursa’s profit drops 64%



PETALING JAYA: Bursa Malaysia Bhd’ s net profit for its third quarter ended Sept 30 fell 64% to RM20.2mil or 3.80 sen per share as the global credit crunch and domestic uncertainties cut trading revenue from the equity market.

Revenue for the period stood at RM73.6mil against RM122.3mil for the same period a year ago, it said in stock exchange filing on Friday.

“The Malaysian equity market has been adversely affected by the global financial crisis. The Group expects similar bearish trend to continue in line with the slowing down of the global economy,” the stock exchange operator said.

It added that the Malaysian economy was in a better position to weather the financial crisis than it was in the previous Asian financial crisis as it is now a “less leveraged economy” and was supported by a much stronger banking sector, a larger current account surplus and healthier foreign exchange reserves.

“Despite the global and local uncertainties, the Group remains committed in its efforts to make the Malaysian equity and derivatives markets attractive and to introduce competitive and innovative financial products for the Islamic capital market,” it said.

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