SGX's Q4 net profit slips nearly 2% as operating expenses rise

Singapore

THE Singapore Exchange posted a 1.8 per cent drop in net profit for the fourth quarter to S$83.67 million from a year ago on the back of a 6 per cent jump in operating expenses largely owing to the legal fees incurred as a result of the interim injunction filed by the National Stock Exchange of India (NSE) to bar the bourse operator from rolling out new India derivatives products.

The bourse operator also said it will switch its dividend policy from one based on percentage (80 per cent of net profit) to an absolute amount of 7.5 Singapore cents per quarter from 2019 onwards, which marks an increase of 2.5 Singapore cents per quarter (its current policy involves a base dividend of 5 Singapore cents per share every quarter).