SGX Q2 net profit down 3% at S$84 million
SINGAPORE – The Singapore Exchange (SGX) today (Jan 20) reported a net profit of S$84 million for its second quarter ended December, down 3 per cent lower from the same period a year ago.
SINGAPORE – The Singapore Exchange (SGX) today (Jan 20) reported a net profit of S$84 million for its second quarter ended December, down 3 per cent lower from the same period a year ago.
Revenue between October and December was unchanged compared to a year earlier, at S$195 million. Revenue from the securities segment fell due to a decline in market activities, down 10 per cent from a year ago to S$47 million, SGX said. However, the fall was rebalanced by growth in the derivatives segment, with revenue increasing 1 per cent to S$78 million.
Commenting on the results, SGX CEO Loh Boon Chye: “It was a challenging quarter with persistent weak market sentiment. While net profit was S$84 million, down 3 per cent from a year earlier, our net profit for the first half of financial year 2016 improved by 11 per cent to S$183 million, on the back of a strong first quarter.” Revenue for the six months was at S$414 million, up 14 per cent.
Net profit in the first quarter had risen 28 per cent to S$99 million, while revenue had increased 30 per cent to S$220 million.
SGX said: “The outlook for global markets remains uncertain as market participants adjust to the recent change in US interest rate policy, slower growth in China and volatile commodity prices.” SGX said it remains committed to their long-term growth strategy and will be focused on managing costs.