January 24, 2019 / 9:49 AM / 6 months ago

Singapore Exchange Q2 profit and revenue rise 9 pct, sees 'growth momentum'

SINGAPORE, Jan 24 (Reuters) - Singapore Exchange Ltd reported a 9 percent rise in its revenue and net profit for the quarter ending December, and said it was on a “strong growth momentum.”

In a statement on Thursday, SGX CEO Loh Boon Chye said the exchange reported a second consecutive quarter of record performance in its derivatives business, with robust institutional demand for its risk management and hedging tools.

SGX’s second-quarter profit advanced to S$96.5 million ($70.9 million) from a year earlier, while total revenue also rose 9 percent to S$224.1 million. Derivatives revenue jumped 35 percent and accounted for half its total revenue.

Over the past few years, SGX has become a global listing hub for business trusts and real estate investment trusts, but faces tough competition from Hong Kong and Southeast Asian exchanges to attract companies from other sectors to list in the city-state.

This month, Singapore’s central bank said it would offer grants worth $75 million as part of Singapore’s efforts to shore up listings in its equity market. ($1 = 1.3604 Singapore dollars) (Reporting by Anshuman Daga; Editing by Nick Macfie)

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