Moscow Exchange posts Q2 2015 metrics, results lag behind stellar Q1

Moscow Exchange, or Moskovskaya Birzha OAO (MCX:MOEX), the biggest platform for trading shares, derivatives and Forex in Russia, has just reported its financial and operating metrics for the second quarter of 2015.

Although annual comparisons showed a rise in profits and revenues, the quarterly comparisons showed that the second quarter of this year was not so strong for MOEX as the first quarter.

  • Net profit for the second quarter of 2015 amounted to RUB 6 billion ($95.4 million), down 16.7% from the RUB 7.2 billion recorded in the first quarter of 2015.
  • Operating income for the second quarter of 2015 was RUB 10.2 billion, down 14% from the result recorded in the first quarter of 2015.

It is, of course, good to check out the annual comparisons, as they provide us with a picture that its clearer of seasonal factors:

  • Total operating income rose 50.7% YoY to RUB 10.18 billion.
  • EBITDA grew by 66.4% YoY to RUB 7.95 billion; EBITDA margin was 78.1%, versus 75.3% in 2Q14.
  • Operating expenses increased 12.5% YoY to RUB 2.66 billion. Cost to income ratio was 26.2%.
  • Net profit increased 72.8% YoY to RUB 6 billion; earnings per share (EPS) increased 71% YoY from RUB 1.58 to RUB 2.70.

Fee & commission income from the FX Market increased 35.2% YoY to RUB 1,004.9 million, while trading volumes surged 41.5% YoY to RUB 74.7 trillion. Spot trading volumes increased 35.9% YoY, while swap trading volumes grew 43.9% YoY, on the back of continued strong demand for liquidity-management instruments by market participants.


Evgeny Fetisov, Chief Financial Officer of Moscow Exchange, commented:

“We are pleased to report another period of solid growth in Q2, including the second highest fee and commission income result in MOEX’s history. The Money Market, FX Market and post-trade services remained key growth drivers, all posting strong double-digit growth in fee and commission income. Lower volatility and falling interest rates saw the Fixed Income Market return to growth, with fee and commission income increasing by 22.5% YoY, driven by primary placements of both corporate and government bonds. We maintained our focus on cost control and were able to limit cost increases to below inflation, at 12.5%. This allowed us to post an EBITDA margin of 78.1%.”

To view the official announcement by MOEX, click here.

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