Key Financial & Market Highlights (1Q2012 vs 1Q2011) |
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Bursa Malaysia Berhad (Bursa Malaysia) registered a profit after tax and minority interest (PATAMI) of RM40.8 million in the first quarter, an increase of 1% from RM40.5 million reported in the same period last year.
Bursa Malaysia's Chief Executive Officer Dato' Tajuddin Atan said, "Trading in the first quarter of 2012 started off slow but the FBM KLCI ended with a commendable performance after chalking up new records in March. The index went on to reach an all-time closing high of 1,606.63 points on 3 April 2012. The stock market rally in March, together with better cost management, helped Bursa Malaysia register a higher PATAMI despite lower revenue during the quarter. For the quarter under review, total operating revenue was RM100.5 million compared to RM107.8 million in the corresponding quarter last year. Total operating expenses was down 9% to RM52.7 million compared to RM57.9 million in the first quarter of 2011.
"Securities market's trading revenue was RM50.5 million for the period under review compared to RM57.7 million in the corresponding period. Average daily trading value (ADV) was RM1.97 billion for the first quarter of 2012 compared to RM2.23 billion in the first quarter of 2011. Market capitalisation was up by 3% at RM1.36 trillion from RM1.31 trillion in the corresponding period last year. Velocity stood at 34%. During the quarter, Bursa Malaysia welcomed two new listings, while 127 structured warrants were issued against 115 in the first quarter of last year.
"Derivatives market's trading revenue was RM11.2 million in the first quarter of 2012 compared to RM13 million in the corresponding quarter. Average daily contracts (ADC) for the period under review was 31,015 contracts against 36,785 contracts, while total derivatives contracts traded were 1.83 million against 2.17 million contracts in the corresponding period last year. A total of 0.51 million contracts were traded for the FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures (FKLI) and 1.3 million contracts were traded for the Crude Palm Oil Futures (FCPO) compared to 0.61 million and 1.51 million contracts in the first quarter of last year, respectively.
"On the Islamic market front, Bursa Suq Al-Sila' (BSAS) recorded a 48% increase in its daily average trading value to RM1.6 billion for the quarter under review from RM1.1 billion in the corresponding quarter. The sharp increase was due to the increasing use of BSAS as a commodity murabahah trading platform. As at 31 March 2012, there were US$30.1 billion worth of sukuk listed on the Exchange. This consisted of 51 sukuk, representing 21 programmes by 18 listed issuers.
"Total operating expenses in the first quarter decreased by 9% to RM52.7 million from RM57.9 million in the corresponding period last year due to an overall better management of costs. Cost-to-income ratio improved to 48% from 50% in the corresponding quarter last year.
"Comparing our performance with the preceding quarter, Bursa Malaysia registered a 30% increase in PATAMI from RM31.3 million in the fourth quarter of 2011. Total operating revenue was up 18% from RM84.9 million and total operating expenses increased 3% from RM51.4 million in the preceding quarter.
"Moving forward, we remain committed in our efforts to propel Bursa Malaysia to be a leading marketplace in Asia. We are focused on initiatives aimed at providing a more conducive trading environment for investors. This includes diversifying and widening our tradable product offerings to suit the demand of the investing community. We have recently introduced a new clearing and settlement system for the derivatives market, and we are now looking at introducing new products such as the Crude Palm Oil Futures Options (OCPO) and the FBM KLCI Options (OKLI). Also in the pipeline is our plan to offer a platform for the trading of bonds as an asset class for retail investors. The internal transformation programme that we started at the end of last year is well under way and we are currently focused on ensuring that the right teams are in place to drive our transformation agenda forward.
"On the market front, we expect continued volatility as concerns about the global economy have yet to recede. The underlying debt issue in Europe has not been resolved and the potentially slower growth in China and rising crude oil prices are risks to global economic growth. However, we remain confident that Malaysia's economy will continue to register satisfactory performance and the implementation of the Economic Transformation Programme projects will continue to have a positive impact on the local bourse. On our part, we will continue to address frictions in the marketplace and enhance accessibility to create a more dynamic and vibrant trading environment."
FINANCIAL RESULTS | Q1 2012 | Q1 2011 | Percentage Change |
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RM' mil | RM' mil | % | |
Operating revenue | 100.5 | 107.8 | (7) |
Other income | 10.0 | 8.3 | 21 |
Total Revenue | 110.5 | 116.1 | (5) |
Staff costs | (24.3) | (25.9) | (6) |
Depreciation and amortisation | (8.0) | (9.9) | (19) |
Other operating expenses | (20.4) | (22.1) | (8) |
Profit before tax | 57.8 | 58.2 | (1) |
Income tax expense | (15.6) | (16.3) | (4) |
Profit after tax | 42.2 | 41.9 | 1 |
Minority interest | (1.4) | (1.4) | - |
PATAMI | 40.8 | 40.5 | 1 |