Malaysia’s stock exchange Bursa Malaysia said Monday it has reported higher net profit in the first half of the year ended Jun 30, due to declined operating expenses.
Bursa Malaysia said in a statement that its net profit for the first half rose 3.91 percent to 132.42 million ringgit (29.41 million U.S. dollars) from 127.44 million ringgit a year ago.
According to the firm, the increase is attributed to a decline in operating expenses of 8.5 percent to 131.1 million ringgit in the first half, mainly due to a one-off reversal of provision.
The group’s revenue for the first half, however, fell 5.07 percent to 301.1 million ringgit from 317.19 million ringgit a year ago.
As for the second quarter, the group’s net profit rose 28.21 percent year on year to 76.25 million ringgit, while its revenue dropped by 4.8 percent to 144.6 million ringgit.
“As we navigate these uncertain times, we are encouraged by potential uplifts, arising from the growth potential presented by the relatively attractive valuation of our equity market and anticipated stabilization of the global interest rate environment,” said Muhamad Umar Swift, chief executive officer of Bursa Malaysia.
According to him, these factors, coupled with the recently reduced stamp duty rate on trading of shares, are poised to attract both local and international investors.
Barring any unforeseen circumstances, he said the firm is cautiously optimistic in meeting its headline key performance indicators for the financial year ending 2023.
He said the exchange will step up efforts to drive market vibrancy via various measures, including making investments more affordable, as announced by the Malaysian Prime Minister recently. (1 ringgit equals 0.22 U.S. dollar)