New Delhi, Jan 16 (PTI) Leading commodity exchange MCX today posted a 44.85 per cent fall in consolidated net profit at Rs 18.77 crore for the December quarter on lower volumes in the bullion segment.
The company had clocked a net profit of Rs 34.04 crore in the same quarter last year, the exchange said in a BSE filing.
Net income declined to Rs 76.52 crore in the October- December quarter of the 2017-18 fiscal from Rs 99.88 crore in the year-ago period.
Expenses, however, remained lower at Rs 50.91 crore as against Rs 53.89 crore earlier.
MCX said the average daily turnover in commodity futures dropped by 3.7 per cent to Rs 20,229 crore in the quarter under review compared to the year-ago period.
The exchange launched gold options during the quarter, and the average daily turnover in commodity options stood at Rs 140 crore, it added.
MCX Managing Director and CEO Mrugank Paranjape said: "The quarter witnessed mixed performance across product segments."
Contrary to historical trend, metals segments had an increase over the volumes in the second quarter. However, low volatility in gold prices during the quarter led to a decrease in bullion volumes by 29 per cent over the previous quarter, he said.
He further said the rise in bond yields affected investment gains, resulting in a fall in investment income.
"The company continues to exercise control over the operating costs, which have remained at same levels as previous quarter, after factoring expenses incurred towards launch of options and other member engagement activities," he noted.
MCX offers a platform for commodities derivative trading. It has more than 90 per cent market share at present. Maximum metals are traded on the futures segment.
Its shares closed down by 3.71 per cent at Rs 896.40 on the BSE today. PTI LUX ABM