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Singapore Exchange’s net profit falls by 20% to $76.8 in 2Q16
Blame it on an impairment charge of $6m.
The local bourse impairment charge of $6m for its investment in Bombay Stock Exchange dealt the biggest blow to its profit, as its bottomline declined by 14% qoq.
According to a report by OCBC, excluding the impairment charge, net earnings would have been more palatable.
“Total revenue fell 8% YoY and 4% QoQ to S$198.1m. Equities and Fixed Income fell 7% YoY to S$101.3m, while Derivatives fell 13% YoY to S$74.5m,” OCBC said.
Meanwhile, listing revenue fell 10% due to a decline in number of bond listings and fewer new equity listings.
“Securities Trading and Clearing Revenue fell 2% and accounted for 25% of total revenue. Derivatives grew 10% YoY to S$325m and accounted for 40% of total revenue. Final dividend of 13 cents was declared, giving full year payout of 28 cents,” OCBC added.
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