DGAP-News: MWB with Small Loss in 1st Quarter 2002
2002-04-22 08:00
Results reported for the first time in accordance with IAS
Gräfelfing/Munich, April 22, 2002. Facing continued weak turnover, particularly in international stocks in Germany, Munich-based securities house MWB achieved a consolidated profit from ordinary activities of EUR -269 thousand in the first quarter of 2002 (previous year"s period: EUR +161 thousand). The consolidated net loss was EUR -267 thousand (previous year: net profit of EUR +338). While the result is below that of the 1st quarter of 2001, it shows an encouraging upward trend compared to the overall year 2001.
Net commission income was EUR 256 thousand, compared to EUR 897 thousand in the 1st quarter of 2001, while trading profits were EUR 1.173 million compared to EUR 1.765 million. The company"s success in cutting administrative expenses made itself apparent. Compared to the 1st quarter of 2001, personnel expenses fell from EUR 779 thousand to EUR 740 thousand, while other administrative expenses dropped from EUR 2.006 million to EUR 1.113 million.
For the first time, MWB prepared its quarterly report as of March 31, 2002, in accordance with International Accounting Standards (IAS). The numbers from the 1st quarter of 2001 were redone under IAS.
MWB"s first quarter result should lie within the sector trend.
The quarterly report in accordance with International Accounting Standards offers investors even greater transparency. According to Robert Herdmann, the SEC"s top accounting expert, starting in 2005 it will probably no longer play a major role whether financial statements follow IAS or U.S. GAAP. MWB wants to keep up with these developments and so remain interesting for international investors. Additionally the company fulfills the requirements of the SMAX with reporting in accordance with IAS.
Gräfelfing/Munich, April 22, 2002. Facing continued weak turnover, particularly in international stocks in Germany, Munich-based securities house MWB achieved a consolidated profit from ordinary activities of EUR -269 thousand in the first quarter of 2002 (previous year"s period: EUR +161 thousand). The consolidated net loss was EUR -267 thousand (previous year: net profit of EUR +338). While the result is below that of the 1st quarter of 2001, it shows an encouraging upward trend compared to the overall year 2001.
Net commission income was EUR 256 thousand, compared to EUR 897 thousand in the 1st quarter of 2001, while trading profits were EUR 1.173 million compared to EUR 1.765 million. The company"s success in cutting administrative expenses made itself apparent. Compared to the 1st quarter of 2001, personnel expenses fell from EUR 779 thousand to EUR 740 thousand, while other administrative expenses dropped from EUR 2.006 million to EUR 1.113 million.
For the first time, MWB prepared its quarterly report as of March 31, 2002, in accordance with International Accounting Standards (IAS). The numbers from the 1st quarter of 2001 were redone under IAS.
MWB"s first quarter result should lie within the sector trend.
The quarterly report in accordance with International Accounting Standards offers investors even greater transparency. According to Robert Herdmann, the SEC"s top accounting expert, starting in 2005 it will probably no longer play a major role whether financial statements follow IAS or U.S. GAAP. MWB wants to keep up with these developments and so remain interesting for international investors. Additionally the company fulfills the requirements of the SMAX with reporting in accordance with IAS.