After-tax earnings for the period amounted to ISK 25.2 million, as compared to ISK 12.0 million for the same period last year. Operating income increased by more than one-quarter over the same period the previous year, rising from ISK 144.5 million to ISK 181.4 million. The increase in income over the previous year can be primarily attributed to the large turnover fees resulting from high turnover in listed securities. Income from turnover fees amounted to ISK 74.4 million in comparison to ISK 50.3 million during the first six months of 2002. Operating expenses for the first six months of this year amounted to ISK 154.3 million as compared to ISK 133.3 million for the same period in 2002, an increase of just under 16%.
Outlook
Turnover on the securities market is the single most important factor determining ICEX's performance. The current year has been characterised by high turnover, resulting in good performance for the first six months of the year. ICEX operations for the first half of this year give every reason to expect that the assumptions given in the budget will be generally realised, with the exception of the forecast turnover for listed securities. During the remainder of the year, turnover in listed securities is anticipated to be just under ISK 600 billion and earnings for the year to be in the area of ISK 26-27 million. This corresponds to a return on equity of 16-17%.
