UPDATE 1-Greek bourse Q1 net falls 23 pct, volume slips

(Adds details, valuation)

ATHENS, May 12 (Reuters) - Hellenic Exchanges (EXCr.AT: Quote, Profile, Research, Stock Buzz), the operator of the Athens stock and futures markets, said on Monday first quarter net profit fell 23 percent to 18.4 million euros ($28.5 million) on lower volumes and fee income.

The operator said group revenues fell 21 percent to 32.8 million euros.

"The reduction in average daily trading value by 3.3 percent, coupled with five fewer trading sessions in Q1 compared to 2007 due to Catholic Easter and the Bank of Greece strike resulted in the lower revenue," the exchange said.

The result was a 15.9 percent drop in revenue from stock trading along with an 11.5 percent fall in clearing income. Revenue from new listings and rights issues was down 67 percent year-on-year.

Trading revenue is based on the value of shares traded and is hence sensitive to the level of the equity market. Annual listing fees are also based on the market capitalisation of listed companies.

The bourse's benchmark general index fell 23 percent in the first quarter.

The global trend of banks falling out of favour as a result of the credit crisis contributed to the slowdown in volumes in Greece's equity market. Foreign portfolios were net sellers but still own half of the Greek equity market's free float.

Trading volumes in futures picked up to 46,000 contracts from 36,500 in the same period a year ago with the corresponding revenue rising 18 percent.