BBJ nets Rp 2b profit

JAKARTA: The Jakarta Futures Market (BBJ) managed to net a profit of Rp 2.06 billion (US$219,500) last year -- more than 14 times bigger than in 2003 -- on the back of increased trading on the exchange.

Total transactions on the exchange, which trades in gold and agricultural commodities, among other things, more than doubled last year from 388,000 lots in 2003 to 999,000 lots, averaging out at 3,842 lots per day.

Among the exchange's most active traders in March was PT Valbury Asia Futures, PT Solid Gold Berjangka and PT Millenium Penata Futures.

The BBJ's management reported that profits mainly came from its transaction fee revenues -- which reached Rp 6.65 billion -- aside from Rp 2.87 billion in membership and trading information fees.

The sound performance was also due to the management's moves to improve the BBJ's efficiency, paring back operating costs to only Rp 1.97 million, or 22 percent less than its own forecast. -- JP