Moscow Exchange posts 1.5 bln rubles in RAS net profit in H1
MOSCOW. Aug 3. (Interfax) - OJSC Moscow Exchange MICEX-RTS generated 1.526 billion rubles in net profit to Russian Accounting Standards (RAS) in the first half of this year, the company reported in its financial statement.
Moscow Exchange was founded on December 19, 2011 via a merger between OJSC RTS and CJSC MICEX.
In H1 2011, the MICEX posted net profit of 5.633 billion rubles, and the RTS - 354 million rubles. Therefore, for the first two quarters of this year, Moscow Exchange had 75% less net profit than that of the MICEX and RTS exchanges prior to the merger.
"The reduction in Moscow Exchange's net profit compared with the first half of 2011 stems from a decrease in the amount of dividends paid by subsidiaries," the statement said.
CJSC National Settlement Depositary (NSD), which was the settlement depositary for the MICEX group, paid out dividends in favor of the parent company at the amount of accumulated profit for ten years in H1 2011.
Shareholders in NRD, which was 99% owned by MICEX, decided in April 2011 to pay out 4.4 billion rubles in dividends, even though the depositary's profit for 2010 was only 1 billion rubles.
This year, NRD shelled out 1.2 billion rubles in dividends, at a 2011 net profit of 2.3 billion rubles.
According to Moscow Exchange's financial report, its net profit was also affected by a reduction in the merged exchange's revenue in comparison with the pre-merger figures.
Revenue came to 2.898 billion rubles in H1 2012, whereas the MICEX and RTS generated 3.385 billion rubles in profit in H1 2011 - a decrease of 14%. Gross profit totaled 963 million rubles, compared to 1.486 billion rubles (a 35% drop).
Moscow Exchange's financial statement to RAS accounts for intra-corporate settlements, which are not included in the group's consolidated statement to International Financial Reporting Standards (IFRS). The exchange's purified economic result will be shown in its consolidated IFRS financial report, which is expected to come out in September, the statement said.
