Consors Discount-Broker AG
ConSors Discount-Broker english
Consors Group:operating expenses significantly reduced in the third quarter
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————–
Consors Group: operating expenses significantly reduced in the third quarter
Fist steps towards profitability; increased trading activity in October
Despite the still difficult stock market environment, Consors Discount-Broker AG
has managed to win 63,000 new customers across the Group in the first nine
months of the current financial year, while 33,000 customers have closed their
accounts with the company. At the end of September, the Consors Group had a
total of 556,000 customers. Karl Matthäus Schmidt, CEO of Consors Discount-
Broker AG: ‘Although we are not very happy with the nine-month figures, Consors’
reorientation has turned out very positively. Investment consulting and
retirement planning have got off to a good start, our business-to-business
dealings with assets managers will be launched in the next few weeks, and we
have our costs fully under control. So we have paved the way for 2002, and
completed our strategic reorientation.’ In comparison with the previous year,
the total number of transactions fell by 40% to 5.6 million. Assets under
custody dropped from EUR 11.2 billion to EUR 6.2 billion, with EUR 824 million
of this invested in funds. Net interest income, at EUR 36.3 million in the
previous year, fell to EUR 30.4 million as a result of the decline in loan
business. While the number of trades decreased by about 40%, and the trade
volume by more than 30%, net commission income fell by only 43% to EUR 98.3
million in the first nine months. The total operating income at the end of
September was EUR 134.9 million, i.e. 36% below the year-ago figure. Operating
expenses amounted to EUR 228.9 million compared to EUR 184.2 million in 2000. We
managed a significant reduction by 39% in marketing expenses to EUR 29.0
million. The cost reduction measures are already evident from comparisons with
the previous quarter, with operating expenses having been cut by EUR 11.5
million, from EUR 79.9 million in the second quarter to EUR 68.4 million in the
third quarter. The loss after taxes and results attributable to non-group
shareholders amounts to EUR 61.0 million for the first nine months compared with
a profit of EUR 11.7 million in 2000, and the loss per share is EUR 1.28, as
compared with earnings of EUR 0.26 in the previous year. Due to higher trading
activity Consors Discount-Broker AG almost broke even in Germany in October.
end of ad-hoc-announcement (c)DGAP 13.11.2001
——————————————————————————–
WKN: 542700; Index: NEMAX 50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
130745 Nov 01
Latest News
Latest Reports
Upcoming Events
No Events found
Webcasts
No Webcasts found