HONG Kong’s bourse operator on Wednesday reported a narrower than expected 13 per cent drop in first-quarter profit, as sluggish trading and muted listing activities weighed on its businesses.
The profit attributable to shareholders of Hong Kong Exchanges and Clearing Ltd (HKEX) dropped to HK$2.97 billion (S$515.3 million), from HK$3.41 billion a year earlier.
The profit, however, was above analysts’ forecasts of HK$2.82 billion compiled by LSEG.
HKEX said its revenue in the first quarter was down 6 per cent to HK$5.2 billion, mainly due to shrinking trading and listing fee income.
“Whilst the cash market reflected broader macro sentiment and remained soft, there was a notable uptick in headline average daily trading in March and April, indicating growing investor confidence,” Bonnie Chan, HKEX’s new CEO, said in a statement.
Chan took on the top job in March at a time when HKEX is battling bleak profits amid geopolitical tensions and China’s faltering economy. REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
