SGX reports 16 pct drop in quarterly net profit

Singapore Exchange reported a net profit of 74 million Singapore dollars (61 million U.S. dollars) for the quarter ended Sept. 30, down 16 percent year on year, the bourse announced on Thursday. Its revenue for the first quarter of the financial year 2013 fell 10 percent to 160 million Singapore dollars (131 million U.S. dollars). The earnings per share was 7 Singapore cents. Securities daily average traded value was 1.3 billion Singapore dollars, compared to 1.6 billion Singapore dollars a year earlier and 1.1 billion Singapore dollars for the previous quarter, respectively. Magnus Bocker, chief executive officer of the exchange, said the securities and derivatives volumes have held up well relative to other markets. For the quarter ended Sept. 30, the securities traded value of Hong Kong Exchange was down 35 percent year on year, Australian Securities Exchange down 31 percent, London Stock Exchange down 32 percent and New York Stock Exchange down 41 percent. Derivatives daily average traded volume was 306,811 contracts, compared to 322,152 contracts a year earlier and 319,377 contracts for the previous quarter. \"Open interest for derivatives contracts achieved a new record high in September, reflecting SGX\'s stature as a clearing house of choice in Asia. We are also pleased to see increased capital raising activities with 10 new IPOs and 111 bond issues this quarter,\" Bocker said. (1 U.S. dollar = 1.22 Singapore dollars)