SGX Q1 profit down 16% to S$78 million

SINGAPORE Exchange (SGX) posted a 16 per cent decline in its fiscal first-quarter net profit as stock-market liquidity continued to languish.

Net profit for the period ended Sept 30 slid to S$78 million, or 7.3 Singapore cents per share. Three analysts polled by Bloomberg were expecting S$78.6 million in net profit.

The market operator and regulator is recommending a dividend of four Singapore cents per share, unchanged from the year-ago payout.

Securities revenue fell 29 per cent to S$49.1 million as the daily average value of securities trades shrank to S$1 billion.

Derivatives revenue was 4 per cent higher at S$53.7 million.

SGX shares closed at S$6.86 on Tuesday before the results were announced.