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HKEx sees 7% drop in Q1 net profit

May. 8, 2012 (China Knowledge) - Hong Kong Exchanges and Clearing Ltd or HKEx<0388>, the world's leading exchange operator by market value, has announced that its net profit fell 7% year on year to HK$1.15 billion in the first quarter, due to a decline in turnover.

The bourse operator's revenue decreased 2% year on year to HK$1.88 billion in the first three months as its daily turnover on the spot market dipped 17% year on year to HK$63.2 billion in the period.

The company said it was confident of winning an auction to acquire the 135-year-old London Metal Exchange (LME), the world's largest metals trading market.

HKEx earlier posted HK$5.09 billion-net profit for 2011, slightly up 1% year on year from HK$5.04 billion, according to an earlier report from China Knowledge.

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