HKEx’s first-quarter profit up slightly on boost from LME
May 09, 2013 | 12:17 PM
| Shivani Singh
SINGAPORE Hong Kong Exchanges & Clearing Ltd. (HKEx), owner of the London Metal Exchange, posted a slight increase in first-quarter net profit and said gains from the $2.2-billion deal for the LME will be limited in the next two years as costs and lower profit margins offset trading fees.
Revenues at the HKEx rose 18.5 percent year over year to Hong Kong $2.22 billion ($286.1 million) in the three months ended March 31, boosted mainly by Hong Kong $210 million ($27.1 million) in trading fees from the LME business.
HKEx posted a 1-percent increase in net profit to Hong Kong $1.16 billion ($149.5 million) in the first quarter, up slightly over the first quarter a year ago, primarily on Hong Kong $185 million ($23.8 million) contributed by LME business, which was offset partly by higher finance costs, depreciation and amortization.....
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