SIX, the Swiss stock exchange operator, is undergoing a restructuring process, which has weighed on the company’s earnings in the first half. Revenue however was up.
SIX Group profit dropped by a fifth to 100.7 million Swiss francs ($103.5 million) in the first six months of 2018, the company said in a statement on Tuesday. Operating profit dropped 15 percent to 139 million francs.
The stock exchange operator said that the drop in profit had been mainly due to extra spending linked to the strategic and organizational realignment.
Strategic Realignment
SIX merged the securities services in the first half to offer all services for trading, settlement and custody of securities from a single source. It also amalgamated services for the Swiss payment system – interbank payments, connecting to the SEPA region, processing card-based and mobile payments for banks, operating ATMs, and e-bills.
In May, SIX sold a majority of the payment services unit to France’s Worldline for 2.3 billion euros. It kept a stake of 27 percent.
Focus on Customers and Shareholders
Sales increased by more than 8 percent to just above 1 billion francs, breaking through this benchmark for the first time.
After the conclusion of the current restructuring process, SIX will aim to focus even more on the needs of its customers and shareholders. To do so, the company introduced new competitive pricing structures.
