Singapore Exchange Q2 net profit falls, derivatives grow
SINGAPORE Jan 22 (Reuters) - Singapore Exchange Ltd reported net profit of S$75 million ($58.58 million) in the December quarter, its weakest in more than a year after a penny stock scandal hammered trading volumes.
That came in line with the S$75.2 million average forecast of eight analysts surveyed by Reuters, and down 1.8 percent from a year ago.
Derivatives revenue rose 16 percent to S$52.5 million and was a shade higher than securities revenue which fell 13 percent to S$52.2 million.
Since taking over as CEO four years ago, Magnus Bocker has spearheaded the launch of new financial and commodity derivatives to make Singapore a regional gateway in Asia.
The derivatives segment contributed 32 percent to SGX's total revenue in Oct-Dec, up from 28 percent a year ago. To diversify from cash equities, SGX has been putting an increasing focus on commodities and contracts that track Asian stock indices including the Nikkei 225 and China's FTSE A50. ($1 = 1.2785 Singapore dollars) (Reporting by Anshuman Daga; Editing by Michael Urquhart)
- Nurse defies Ebola quarantine with bike ride; negotiations fail |
- Japan shares soar, yen skids after BOJ stuns with new easing steps
- Suspect in Pennsylvania police ambush captured after seven-week manhunt
- Oil price declines have small-cap shale investors scrambling
- China says nets 180 graft suspects in overseas manhunt