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Singapore Exchange Q2 profit up 15.5%, highest in one year

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Singapore Exchange Ltd (SGX) , which has rolled out a slew of measures to boost trading volume, said its quarterly net profit rose 15.5 per cent to the highest in more than one year, helped by record derivatives business.

[SINGAPORE] Singapore Exchange Ltd (SGX) , which has rolled out a slew of measures to boost trading volume, said its quarterly net profit rose 15.5 per cent to the highest in more than one year, helped by record derivatives business.

The exchange, which has been grappling with sluggish trading volumes, reported a net profit of S$86.6 million (US$65 million) for the second quarter ended December, up from S$75 million a year earlier. This was below the S$88.3 million average forecast of seven analysts polled by Reuters.

Derivatives revenue rose 46 per cent to a record S$76.4 million following a 52 per cent increase in volumes to 40 million contracts, SGX said in a statement.

The derivatives business accounted for 39 per cent of operating revenue, while revenue from the securities business slipped one per cent to S$51.7 million.

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"We have accelerated capital investments in our derivatives and fixed income businesses," the exchange's Chief Executive Magnus Bocker said in a statement.

In December, SGX came under fire from the central bank after trading was interrupted for a second time in a month.

REUTERS

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