Singapore Exchange Q1 profit nearly triples
Tue, Oct 09, 2007
SINGAPORE, Oct 9 -- Asia's second-largest listed bourse, said its quarterly net profit nearly tripled, driven by a surge in trading of stocks and derivatives.
SGX, which ranks behind Hong Kong Exchanges and Clearing Ltd in stock market value, earned net profit of S$130 million for its fiscal first quarter ended September, up from S$47.7 million a year ago.
Its earnings were above Goldman Sachs' forecast of S$116.6 million for the first quarter.
SGX, whose shares hit a record high this week, has seen trading volumes grow rapidly as Asian stock indexes hit record or multi-year highs, and as it attracts listings from Chinese firms.
Expectations that the Tokyo Stock Exchange [TSE.UL] would raise its 4.99-percent stake have also buoyed SGX shares, which have roughly tripled this year, eclipsing the 29-percent gain in Singapore's benchmark Straits Times Index .
SGX overtook the Australian Securities Exchange Ltd in terms of market value earlier this year.
Growing trading volumes and news of accelerating bourse consolidation worldwide have also pushed shares in HKEx and ASX to record highs