KARACHI: Pakistan Mercantile Exchange Limited (PMEX), formerly the National Commodity Exchange Limited, has for the first time recorded a nominal profit in its five-year history in the first quarter of financial year 2012-13.
“Before the start of this financial year, the company had targeted profitability and has now achieved its target,” said PMEX’s Chief Business Officer Sahibzada Mansoor Ali, while talking to a group of media persons at the exchange’s office on Wednesday.
When probed about the details of the company’s accounts, Ali said that the company has not shared its account details with anyone except shareholders. However, he did mention that the company has significantly increased its earnings over the last year, if compared to its early years of operation.
PMEX is the first electronic, web-based, demutualised commodity exchange of Pakistan. It is licensed and regulated by the Securities and Exchange Commission of Pakistan (SECP) and trades all types of futures contracts. It started nationwide operations in May 2007.
The entity is owned fully by institutional shareholders, which include the National Bank of Pakistan; the Karachi, Lahore and Islamabad Stock Exchanges; the Pak Kuwait Investment Company; and the Zarai Taraqiati Bank.
Some of the most commonly traded futures contracts in such commodity exchange are agriculture futures, livestock futures, metals futures, energy futures, weather futures, currency futures, interest rate futures and equity and index futures. At present, gold, oil and silver dominate trading at PMEX, but the exchange also deals in palm olien, rice, sugar, wheat and KIBOR futures.
Published in The Express Tribune, November 8th, 2012.
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