Tel Aviv Stock Exchange second-quarter profit down on impairment reversal

JERUSALEM (Reuters) - The Tel Aviv Stock Exchange TASE.TA, which this month became a public company, reported a sharp drop in second quarter profit due to an impairment reversal and depreciation expenses, despite an increase in revenue from listing fees.

The exchange said on Monday quarterly net profit totaled 2.5 million shekels ($712,700), compared with a net profit of 69.3 million shekels a year earlier.

The decline, it said, stemmed from an impairment reversal of 65.5 million shekels, net of tax, in the corresponding quarter last year and an increase in depreciation expenses and share-based payment expenses.

On an adjusted basis, excluding one-time items, profit climbed to 5.5 million shekels from 3.8 million.

Revenue rose 3 percent on increased listing fees and annual levies.

The exchange transformed into a public company on Aug. 1 after completing a long awaited initial public offering that valued the bourse at 710 million shekels.

Reporting by Ari Rabinovitch; Editing by Alison Williams