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Singapore Exchange Limited Announces FY2003 Third Quarter Results - Tough Operating Environment - Derivatives Market Increases Revenue Contribution

Date 14/05/2003

Singapore Exchange Limited (SGX) today announced its third quarter financial results for the fiscal year 2003.

SGX Group recorded total operating revenue of S$154.7m and operating expenses of S$ 117.6m for the nine months ended 31 March 2003. Net profit after tax and minority interests for the period amounted to S$ 44.1m. SGX's securities and derivatives markets generated operating revenue of S$98.1m and S$46.5m respectively.

Commenting on the results, SGX CEO Hsieh Fu Hua said, "The third quarter presented a tough operating environment for SGX. The derivatives market continued to perform well and increased its revenue contribution. The securities market experienced a difficult quarter, but trading volumes and number of listings have picked up recently. More encouragingly, the increased contribution from SGX SecuritiesBook augurs well for our efforts in diversifying our revenues."

Highlights of FY2003 Nine Months Results - 1 July 2002 to 31 March 2003

S$m
3QFY03
9 Months FY2003
9 Months FY2002
Operating revenue
47.3
154.7
168.7
Operating expenses
(38.7)
(117.6)
(124.7)
Operating profit
8.6
37.1
44.0
Non-operating revenue
7.4
19.1
9.3
Profit before tax and minority interests
16.0
56.2
53.3
Share of results of joint venture
-
-
(0.1)
Tax
(4.2)
(14.4)
(15.8)
Minority interests
1.3
2.3
1.8
Net profit after tax attributable to shareholders
13.1
44.1
39.2
Basic earnings per share (cents)
1.31
4.41
3.92

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