Irish Stock Exchange reports massive fall in profits

THE Irish Stock Exchange has seen a dramatic turn in its fortunes, reporting a pre-tax loss of €291,000 for 2007, down from pre-tax profits of €21.22 million in 2006, as a result of losses on long term equity investments.

The accounts of the Irish Stock Exchange Limited lodged with the Companies Office show that while the company saw revenues jump from €25.5m in 2006 to €30.3m in 2007, pre-tax profits nose dived as a result of €15m write down “on unrealised losses on investments held for trading”. In 2006 the company recorded a gain of €9.6m on “unrealised gains on investments held for trading”.

The directors report concentrates on the company’s operating profit — €10.755m for 2007 compared to the restated €10.27m achieved in 2006.