The largest Czech securities dealer Patria Finance’s unconsolidated non-audited net profit soared by more than nine times year-over-year to CZK103.1 million (US$4.5 million) in 2005, while its gross profit added nearly 700% y/y to CZK146.3 million, brokerage chairman Jan Klenor announced. Preliminary consolidated IFRS-based profit exceeded CZK230 million. Patria more than doubled y/y profit from financial operations to CZK194.4 million and raised revenues from fees and commissions by 63.2% y/y to CZK118.3 million.
Administrative expenses, including salaries and social and health insurance, rose by more than 14% y/y to CZK 136.1 million. Among its competitors, in 2005 Atlantik Financni Trhy trebled y/y its audited before-tax profit to a record CZK281 million; Cyrrus and Global Brokers reported audited before-tax earnings of CZK48.5 million and CZK27 million, respectively. Wood&Company’s net profit reached a preliminary CZK45 million, while BH Securities put its after-tax earnings at CZK29 million. Patria holds a 79.4%-stake in CSOB Asset Management and 24.4% of shares of the Prague Stock Exchange. Its sole owner is KBC Securities, a unit of Belgium’s KBC Group.