Hong Kong Exchanges & Clearing saw a 93% year-on-year surge in the profit attributable to shareholders in the first quarter of this year, to $922.5 million.

According to first quarter results announced today, HKEx recorded income of $1.4 billion, up 64% on a year earlier, while operating expenses rose 10% to $322.6 million. The profit attributable to shareholders was $922.5 million, with basic earnings per share at $0.87.

The average daily turnover value on the Stock Exchange was $52.9 billion, 70% higher than the same period last year. The average daily number of derivatives contracts traded on the Futures Exchange and stock options contracts traded on the Stock Exchange also rose 64% and 102% to 144,216 and 124,662.

Investment income grows 

The rise in profit was primarily attributable to the higher turnover-related income resulting from the increase in level of activities in the Cash & Derivatives Markets, and growth in investment income from higher interest income and an increase in fair value gains of Corporate Fund investments in 2007.

Total operating expenses increased 10% during the period mainly due to higher staff costs and premises expenses.

HKEx Chairman Ronald Arculli said Hong Kong will continue to play its role as the Mainland's premier fund raising centre as well as an investment centre for Mainland investors in the further liberalisation of the Mainland market.

HKEx to capture business opportunities

"We are also proactive to capture the opportunities arising from economic development in other markets, particularly in Asia to reinforce Hong Kong's position as a major international financial centre.