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

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

File photo of the Singapore Exchange. (Photo: Edgar Su/Reuters)

SINGAPORE: Singapore Exchange Ltd (SGX) reported a 9 per cent 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 from a year earlier, while total revenue also rose 9 per cent to S$224.1 million. Derivatives revenue jumped 35 per cent 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 US$75 million (S$102.1 million) as part of Singapore's efforts to shore up listings in its equity market. 

(Reporting by Anshuman Daga; Editing by Nick Macfie)

Source: Reuters/ga

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