Oslo Børs Holding ASA 2nd Quarter 2004

Oslo Børs Holding ASA recorded post-tax profit of NOK 16.3 (15.8) million in the second quarter of 2004. The high activity in first quarter was far lower in the second quarter, but the first six months was still the best ever on Oslo Børs in terms of activity in the market.

Revenues totalled NOK 64.8 (55.3) million in the second quarter. The increase from the previous year’s second quarter was largely due to increased activity in the equities market, but all revenue types and areas show an increase compared with the same period last year. Revenues from trading, prospectus control and admission fees show the largest increase along with sales of financial market data.

The total first-quarter operating expenses came to NOK 42.7 (35.8) million. The increase is due to several factors, including pay rises as from 1 January 2004, changes in the financial premises underlying the calculation of pension commitments in the third quarter of 2003, as well as provisioning for the variable remuneration scheme introduced for all staff in 2003 and one-time items in second quarter 2003.

Despite the lower activity in second quarter compared to first quarter, the turnover in the equity market totalled NOK 172 (134) billion. The number of transactions totalled approx. 648.000 (536.000). The Benchmark Index (OSEBX) measured 204.55 at quarter-end after an increase of 5.6 per cent over the period. Interest in stock exchange listing has been growing and 10 new companies were admitted in the second quarter while four were delisted.

Quoted bonds and short-term money market instruments numbered 836 (844) at quarter-end. Trading in the derivatives market remains on a positive trend compared with last year. In the second quarter traded contracts numbered approx. 1,051,000 (803,000).

The bourse's revenues for 2004 will vary in step with activity levels, above all with trading in the equity market and the trend in sales of financial market data in terms of the number of terminals.

Oslo Børs operating expenses for 2004 are, compared to 2003, adversely affected by certain factors. These include depreciation of the Norwegian krone, wage regulation effective from 1 January 2004 and one-time items which reduced the bourse costs in 2003. Oslo Børs expects operating expenses for 2004 as a whole to run to just over NOK 170 million.

Click here to download the second quarter 2004 financial report.