he consolidated net after tax profits of the Group amounted to EUR1.5m vs. EUR3.2m in the first half (H1) of 2016, reduced by 52%. However after the securities valuation difference of EUR57 thousand in 2017 compared to losses of EUR1.1m in 2016, as well as the cancellation of treasury stock, the net earnings after tax per share in the first half were EUR0.026 vs. EUR0.032 in H1 2016, reduced by 18.8%.

The turnover of the Group was EUR13m in Η1 2017 vs. EUR14.9m in Η1 2016, reduced by 12%; after subtracting the Hellenic Capital Market Commission fee, total consolidated revenue was EUR12.5m vs. EUR14.2m, reduced by 12%.

Total consolidated revenue is reduced mainly due to a drop in trading activity in the cash market. In particular, in Η1 2017 average daily traded value was EUR58.9m, compared to EUR76m, a 22% reduction. The average capitalization of the Greek capital market increased by 15.7% compared to Η1 2016 (EUR47.5bn vs. EUR41.1bn).

The Athens Exchange General Index closed on 30.6.2017 at 819.72 points, up 51% compared to the close at the end of H1 2016 (542.12 points). Market liquidity, as measured by turnover velocity, dropped to 31% in H1 2017 compared to 46.3% in H1 2016, while average daily volume was 85.5m shares compared to 127.3m shares.

In the derivatives market, the average daily number of contracts increased by 18% (84.2 thousand vs. 71.2 thousand), while the corresponding trading and clearing revenue dropped by 10% due to the drop in the prices of the underlying securities and the change in the product mix in the market. The average revenue per contract dropped by 27% to EUR0.085 compared to EUR0.116 in the corresponding period last year.

The operating expenses of the Group were unchanged compared to Η1 2016 at EUR7.4m, while total operating expenses including new activities increased by 3.9% compared to the corresponding period last year (EUR8.77m vs. EUR8.44m) due to the forming of provisions amounting to EUR400 thousand in 2017; there were no provisions in the corresponding period last year.

Lastly, consolidated Earnings Before Tax (EBT) in H1 2017 were EUR2.3m compared to EUR4.8m in H1 2016.

The financial statements of the Group and the Company are posted on the Company's website (www.athexgroup.gr).