11 companies listed on MSE were profitable in Q2 of 2017

The Mongolian Stock Exchange released the second quarter financial reports of 27 companies out of 220 companies listed on the exchange. The reports indicate that 11 of the 27 companies had profitable second quarters, while 16 had deficits.

Among them, state-owned Thermal Power Plant III reported a revenue of 57.1 billion MNT and a net profit of 5.7 billion MNT in the second quarter of 2017, a 1.5 billion MNT increase compared to the second quarter in 2016.

The company with the largest deficit was Ulaanbaatar BUK JSC, netting a deficit of 1.5 billion MNT. Cashmere producer Gobi JSC posted a revenue of 33.9 billion in the second quarter, a nine billion MNT increase compared to 2016. The company recorded a net profit of 3.4 billion MNT.

Currently, only 35 companies out of 220 have submitted their financial reports to the MSE.

“According to the provision 20.1.6 of Securities Market Law and Accounting Law, a securities issuer shall have an obligation to submit to the stock exchange half-yearly financial reports by July 20 of each year. However, as of July 25, 2017, only 35 issuers out of 220 have submitted to the MSE their reports. As the submission deadline has been extended by the Ministry of Finance until July 28, 2017, MSE hereby warns the issuers to submit their half-yearly financial reports within the allowed extension period,” stated the MSE.

In case of failure to fulfill the legal obligation within the stated period, the MSE has stated it will inform the public and the FRC of the breach and may impose measures stated in the FRC Regulation on Information Disclosure, as well as related MSE rules and regulations and listing agreement for the repeated breaches.