BSE-Sofia narrowed its unconsolidated net loss in H1’11 to BGN 119k from BGN 366k in the year-ago period as revenues rose 17% YoY to BGN 1m. Revenue from commissions for H1’11 rose 16% YoY to BGN 378k, while membership fees more than doubled to BGN 100k. The increase in commissions revenue is related to the 12% YoY increase in the total turnover on BSE’s regulated market for the period to BGN 277m, while the higher revenues from membership fees is likely due to the fact that effective January 2011, BSE offered lower commissions for members paying higher membership fees. Issuer registration fees for H1’11 were up by 17% YoY to BGN 256k. The company optimized its operating expenses, which fell by 10% YoY% mainly due to lower compensation and hired services expenses, both of which were cut by 11% YoY. Net financial income was lower YoY, by 30%, at BGN 98k, due to 18% YoY decrease in interest income to BGN 129k. No significant changes occurred on the balance sheet as cash equivalents totalled BGN 7.4m at end-June, versus BGN 7m at end-2010.