The Singapore Exchange reported its biggest quarterly net profit in 12 years yesterday, boosted by customers increasing the number of asset classes that they trade in.
The result comes as SGX combined its commodities, currencies and fixed income operations in July as part of a corporate rejig to push growth in multiple asset classes, reported Reuters. The changes were among the most significant since veteran banker and chief executive Loh Boon Chye joined the bourse four years ago.
SGX posted a profit of $114.2 million in the first quarter ending last month, up 25.4 per cent from a year ago. The figure was the bourse's largest since the quarter ending December 2007, according to Refinitiv data.
"Since we embarked on our strategic priorities in financial year 2018, a quarter of our clients have increased the number of asset classes that they trade with SGX," Mr Loh said in a statement, adding that the exchange was benefiting from a low-interest rate environment and investor focus on Asia.
Operating revenue rose to $247.6 million, thanks to a nearly 60 per cent jump in revenue from its newly combined fixed income, currencies and commodities unit, which accounted for 19 per cent of total revenue.
In its fourth quarter, SGX had posted record revenue, powered by a strong performance in its derivatives business and an improvement in its securities unit.
Jumbo Group yesterday announced the opening of its Ng Ah Sio Bak Kut Teh franchised outlet in Taoyuan city, Taiwan.
This is the group's fourth Ng Ah Sio Bak Kut Teh franchised outlet, after the opening of its third Taiwan outlet in Hsinchu city in June.
Together with its four outlets in Singapore, the total number of Ng Ah Sio Bak Kut Teh outlets in Asia will increase to eight.
Through its franchisee Ho Sing Food Co, Ng Ah Sio Bak Kut Teh opened its first outlet outside of Singapore in July last year.
The newly opened outlet is at Metro Walk Shopping Centre in Taoyuan city, a 10-minute drive from Taoyuan International Airport.
The Taoyuan city outlet will operate in a food hall within the mall.
The outlet occupies a total floor area of about 530 sq ft within the food hall, which has a seating capacity of 900, comprising 840 indoor seats and 60 outdoor seats.