RASDAQ's 2001 revenue and expenses budget could be rectified, following the company's losses, worth 580bn lei, registered in Q1.
At the same time, the budget must be modified as the trading commissions on which it was built have dropped. RASDAQ in Q1 made 2.29bn lei in total revenues, which accounts for 20% of this year's forecast.
The Board of Directors of ANSVM, the brokers' association which manages RASDAQ, summoned the association's general assembly for next week, in order to pass the new budget draft.
RASDAQ's total revenues are estimated to reach 11.2bn lei according to the new draft, while the expenses will amount to 11.03bn lei. 2001's gross profit is anticipated to amount to 178 million lei.
RASDAQ in 2000 lost 32 million lei, after having made 604 million lei in profit in 1999. ANSVM management deems the budget as tight, since it has no money allotted for the development of the computerised trading system.
This year's revenues were estimated based on the new commissions (i.e. lower ones) set by the ANSVM management. The budget was balanced by cutting telecommunications and personnel expenses, which were lowered by giving up RASDAQ's Managing Board, by eliminating employees' indemnities and by capping salaries.
ANSVM management sanctioned Anca Dumitriu, RASDAQ's general manager, for her position towards ANSVM Board of Directors while the budget was drafted. Market sources told Ziarul Financiar this was just the first step before replacing the RASDAQ manager with Dana Ionela ?incu, the current ANSVM management secretary.
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