Brokerage houses 2002 results - profit, but loss on basic activities

The Central Statistical Office (GUS) informed that the total 2002 profit of brokerage houses amounted to zł. 30.7 million in 2002 against zł. 49.5 million a year earlier. The whole sector recorded a drop in turnover, which was accompanied by even bigger proportional cut in operating costs. Total revenues of brokerage houses amounted to zł. 928 million, while direct revenues from brokerage services amounted zł. 573 million. They took zł. 267.8 million in fees for managing customers' accounts. The total costs of the sector amounted to zł. 897 million, out of which zł. 647 million were costs of brokerage activities. All brokerage houses recorded a loss on their brokerage activities, which totalled zł. 73.6 million. However, this was substantially lower than a year before, when they finished the year zł. 166 million in the red. (Rzeczpospolita, April 19-21, p. B5) M.M.