WSE beats profit expectations for last year by 300%

This is mainly due to the bullish market and the fact that turnover increased to zł.109.8 billion on the main market from zł.66.4 billion in 2003. The number of IPOs amounted to 36, while a year earlier the figure stood at six. The bourse is also making huge profits on financial investments due to investments in T-bonds and thus its net result is far higher than operating profit. The profit would be even higher, but the stock exchange lowered its fees for brokerage houses by 30% over the last two months of last year. Since April 2005 the fees are dropping again and brokers are currently paying roughly 5% less than last year. "We might cut the fees later this year again," said Wiesław Rozłucki, president of the bourse. Management expects that in 2005 the bourse is capable of repeating the good results. (Parkiet, p. 1) M.M.