Facing the storm

Financial services group IDMSA is feeling the pinch of the global economic crisis. In Q3, the group saw a 48.3 percent y/y fall in consolidated net profit, earning zł.15.05 million. Consolidated revenues fell by 35 percent y/y to zł.32.38 million.

IDMSA's Q1-Q3 results were also lower than last year's, as the group's revenues fell by 16 percent and net profit by 48 percent to zł.100.67 million and zł.56.33 million, respectively.

Management is satisfied with the results, however. "Despite the difficult times on the capital market, we have achieved very good financial results and are working intensely on the realization of  projects which will convert into the strengthening of our position as a group," the president of the brokerage, Grzegorz Leszczyński said. He stressed that apart from the dominant brokerage entity, IDMSA group had companies that were resistant to fluctuations on the bourse.

In Q1-Q3, key transactions included seven initial public offerings with a total value of zł.291 million. The group also issued bonds for nine companies, gaining a total of zł.188 million for its clients. IDMSA wants to carry out two more IPOs by the end of 2008.

Meanwhile, the group is taking advantage of the lower valuations on the stock exchange and has been conducting a buyout of its own shares since July. This strategy was further reinforced at the firm's extraordinary general meeting in October, when the decision to buy zł.22 million of its own shares by the end of 2009 was made. The price per share could range from zł.2-5.