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Singapore Exchange Third Quarter Net Jumps 26%, Beats Estimates

April 16 (Bloomberg) -- Singapore Exchange Ltd., operator of Southeast Asia’s biggest stock market, said fiscal third-quarter profit increased 26 percent as equities and derivatives trading volumes jumped.

Net income was S$97.7 million ($79 million) in the three months ended March 31, from S$77.8 million a year ago, the company said in a statement today. That compares with the S$94.7 million average of three analyst estimates compiled by Bloomberg. Revenue increased 17 percent to S$190.6 million, it said. SGX said the board declared an interim dividend of 4 Singapore cents a share.

“Improved sentiments across global capital markets this past quarter led to increased trading and clearing volumes,” the company said in the statement. “However, global economic conditions remain volatile. It is uncertain if current market conditions will persist.”

The average value of equities traded daily climbed 22 percent from a year earlier to S$1.71 billion in the January-to-March quarter, according to data compiled by Bloomberg. Average daily transactions in the derivatives market jumped 52 percent to a record 479,235 contracts, SGX said, led by futures for Japan’s Nikkei 225 Stock Average and the FTSE China A50 Index.

Malfunctioning software delayed derivatives trading for three hours on April 9, affecting futures that also include India’s CNX Nifty Index and Japan government bonds.

Companies raised about S$2.4 billion from primary and secondary share sales in Singapore in the three months through March 31, compared with S$484.1 million a year ago, the bourse operator said. Mapletree Greater China Commercial Trust, which owns assets including the Festival Walk shopping mall in Hong Kong, raised S$1.6 billion from its IPO last month.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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