SINGAPORE, July 31 (Reuters) - Singapore Exchange Ltd said on Thursday its net profit fell 12 percent in the fiscal fourth quarter as a result of its struggling securities business, but said it expects share trading volumes to recover.
In a statement after trading hours on Thursday, SGX reported
a net profit for the quarter ended June of S$77.4 million ($62.1 million), down from S$87.6 million in the same period a year earlier. The result was just ahead of the S$75.7 million average forecast of six analysts polled by Reuters.
“We expect our securities business to recover from a tough FY2014 as volatility normalizes from the lows we had experienced in the past year,” the exchange said in its statement.
SGX, Asia’s third-largest listed bourse by market value, saw a 23 percent fall in the average daily value of shares traded on its market in the latest fiscal year compared to the previous one.
Shares in the bourse are down 2.5 percent so far this year. (1 US dollar = 1.2473 Singapore dollar) (Reporting by Rachel Armstrong; Editing by Kenneth Maxwell)