Hong Kong Exchanges 2012 Profit Down 20%

Hong Kong Exchanges & Clearing

reported a 20% drop in its 2012 net profit. The exchange's net profit for the year fell to HK$4.08 billion (US$525 million), from HK$5.09 billion in 2011. However, analysts were expecting a profit of HK$4.38 billion. Its revenue declined 8% to HK$7.21 billion from HK$7.86 billion, while operating expenses climbed 13% to HK$1.96 billion from HK$1.73 billion. The exchange also declared a final dividend of HK$1.46 per share, versus HK$2.09 per share. HK exchange shares closed at $17.75 yesterday.