HKEx posts 1% rise in net income

Q1 profit depressed by higher costs.

Hong Kong Exchanges & Clearing Ltd said its net income rose 1% to HK$1.16 billion for the three months ended March 31, from HK$1.15 billion.

Sales rose 19% to HK$2.22 billion in the first three months but operating expenses jumped 38%.

The world’s second largest bourse operator by market value said the almost unchanged profit was because the higher costs from owning the London Metal Exchange offset gains.

HKEx completed its US$2.2 billion acquisition of LME, the world’s biggest metal exchange, in December 2012 to diversify revenue sources.