MARKETS & INVESTING | Staff Reporter, Singapore

SGX’s net profit drops by 3% to $84m in 2Q16

Anemic market sentiment dragged its bottomline.

Singapore’s local bourse is weathering an market storm, causing lacklustre earnings across the board.

According to a press release by Singapore Exchange (SGX), operating profit was also down by 4% at $98m, while revenue stayed flat at $195m.

SGX added that expenses, on the other hand, increase by $3.5m to $97.1m, while earnings per share was 7.8 cents.

Meanwhile, a strong first quarter was able to salvage its first half performance, as its net profit for the first half of 2016 was up by 11% from a year earlier to $183m.

For its market activities, SGX says its securities revenue dropped by 10% to $46.6m and accounted for 24% of its total revenue, owing to a decline in market activities.

Derivatives revenue also fell by 1% to $77.6m, accounting for 40% of total revenue.

“Equity and Commodities derivatives revenue was $56.3 million, down 3% from $58.0 million. This reflected a 2% fall in total volumes to 39.3 million contracts (40.0 million contracts) as a result of decline in the Japan Nikkei 225 futures and options volumes,” SGX said.

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