HKEX's Fourth-Quarter Net Profit Declines Amid Poor Market Sentiment
By Sherry Qin
Hong Kong Exchanges & Clearing's quarterly net profit fell for the first time over a year due to weak trading activity amid poor market sentiment.
The exchange operator said on Thursday that its fourth-quarter net profit declined 13% compared with the same period a year earlier to 2.60 billion Hong Kong dollars (US$332.1 million). That missed the estimates of HK$2.71 billion, according to a FactSet poll.
Core revenue dropped 5% to HK$4.52 billion in the fourth quarter, it said, due to reduced trading and clearing fees from its cash and derivatives markets, though this was partly offset by an increase in trading and clearing fees from London Metal Exchange and higher net investment income from margin funds and clearing house funds
HKEX's headline average daily turnover fell 28% to HK$91.0 billion in the fourth quarter.
"Looking ahead, whilst the macroeconomic and geopolitical environment remains turbulent, we are cautiously optimistic that, as sentiment improves, we are well placed to capitalise on the global pivot to Asia," HKEX Chief Executive Officer Nicolas Aguzin said.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
February 28, 2024 23:43 ET (04:43 GMT)
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