The cumulated turnover of about 70 companies listed on the Bucharest Stock Exchange witnessed a 41% decline in the second quarter of 2009, according to statistics put together by ZF based on data supplied by companies.
The decline thus worsened significantly compared with the first three months of this year, when it stood at only 19.8%. Therefore, after an almost 20% decrease in the first three months, followed by a much steeper decline from April though June, the cumulated turnovers of the companies on the Bucharest Stock Exchange amounted to 15.9 billion RON (3.77 billion euros) in the first half, 31% below last year’s level, when they stood at 23.2 billion RON (6.3 billion euros).
Sales plunged in the steel sector, where total first-half business of the plants in the country stood at merely 40% of last year’s first half. Companies in the chemical industry saw a significant decline, as well, with business down 45% in the first six months.
The only sector that posted an increase in the first half was the pharmaceutical sector, where total sales went up by 1%.
The overall capital market index has gone up by 27.3% since the beginning of the year. Therefore, even though the results of the listed companies are going down, the yields in the first half could verify the theory that the Stock Exchange anticipates the performance of the economy by up to six months.
The three local banks (Banca Transilvania, BRD and Banca Carpatica) listed on the Bucharest Stock Exchange posted 29% lower cumulated net profit in the second quarter, but the decline is less serious than in the first quarter, when incomes had dropped by 36%. The total assets of the three, however, rose by 18% compared with the same time of last year, to 72 billion RON.
Construction companies witnessed one of the lowest declines of all companies listed, that is 16% in the first six months, but their profits continued to go down a great deal compared with the same time of last year. Therefore, the 11 listed companies in this sector posted 39% lower cumulated profits worth 36 million RON.
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