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HKEx Q1 profit down 49%
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21:54, May 13, 2009

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Hong Kong Exchanges and Clearing saw a 49 percent year-on-year drop in the profit attributable to shareholders in the first quarter of this year, to 834.2 million HK dollars (107.75 million U.S. dollars), the only stock market operator in Hong Kong announced on Wednesday.

According to first quarter results, HKEx recorded income of 1.34 billion HK dollars (173.08 million U.S. dollars), down 41 percent on a year earlier, while operating expenses fell 7 percent to 354.4 million HK dollars (45.78 million U.S. dollars). The profit attributable to shareholders was 834.2 million HK dollars, with basic earnings per share at 78 cents.

The average daily turnover value on the Stock Exchange was 44.7 billion HK dollars, 55 percent lower than the same period last year. The average daily number of derivatives contracts traded on the Futures Exchange and stock options contracts traded on the Stock Exchange also dropped 5 percent and 27 percent to 195,499 and 194,279.

HKEx Chairman Ronald Arculli said the persistence of negative market sentiment had a significant impact on both the primary and secondary markets in the first quarter.

The plunge in global consumption was magnified by worsening unemployment and tighter credit conditions which caused aggressive business retrenchment in most economies.

"Despite the difficulties ahead, HKEx continues to work hard to ensure it operates a quality market built on a solid financial infrastructure with sound products and services to bolster confidence in our marketplace."

Source: Xinhua

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