HKEX's Net Profit Declines for Second Straight Quarter
By Kimberley Kao
Hong Kong Exchanges & Clearing's net profit fell for a second consecutive quarter due to weak trading activity amid poor market sentiment.
The stock-exchange operator said Wednesday that its first-quarter net profit fell 13% from a year earlier to 2.97 billion Hong Kong dollars (US$379.1 million).
Revenue declined to HK$5.20 billion from HK$5.56 billion, it said, with core business revenue falling 7% on lower trading and clearing fees.
HKEX said its headline average daily turnover fell 22% to HK$99.4 billion in the quarter as geopolitical tensions and macroeconomic volatility continued to weigh on market sentiment.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
April 24, 2024 00:33 ET (04:33 GMT)
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