SGX posts 16% drop in Q1 profit

SGX posts 16% drop in Q1 profit

SINGAPORE: The Singapore Exchange posted a net profit of S$83 million in its fiscal first quarter for 2017, a 16 per cent drop compared to a year ago, it announced on Wednesday .The bourse’s total revenue for the quarter was S$191 million, down 13 per cent from a year earlier, while its operating profit was S$97 million, 17 per cent lower than the previous year. Earnings per share for the quarter was 7.8 cents, down 16 per cent from a year ago, although the interim dividend per share remains unchanged at five cents.SGX said its first quarter performance reflected lower levels of market activity compared to the more volatile market last year.Nonetheless, SGX chief executive officer Loh Boon Chye said the stock exchange operator remained “committed to our long-term investment and diversification strategy while maintaining cost discipline”.He also said that the bourse’s acquisition of the Baltic Exchange was progressing and expect to complete the transaction by …

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