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SGX's Q1 net profit drops 16.3% to S$83.1 million
THE Singapore Exchange's (SGX) net profit fell 16.3 per cent in its fiscal first quarter to S$83.1 million as revenue fell in its core securities and derivatives businesses.
On a per-share basis, net profit for the three months ended September was 7.8 Singapore cents. The market operator is declaring an interim cash dividend of 5.0 Singapore cents for the quarter.
Operating revenue fell 13.1 per cent year-on-year to S$190.8 million. Equities and fixed income revenue slipped 8.5 per cent to S$98.0 million. Revenue for derivatives fell 22.1 per cent to S$70.8 million.
"Our results this past quarter reflect lower levels of market activities, as compared with a much more volatile market a year earlier," SGX said in its results announcement. "Participants reacting and adjusting to slowing global economic growth, political uncertainties and implications of Brexit on the European economy could result in a period of relatively subdued trading volumes. Nevertheless, we remain focused on executing our strategy and diversifying our revenues."