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SINGAPORE, July 27 (Reuters) Singapore Exchange, Asia's third-largest listed bourse, beat even the most optimistic forecasts with a near-doubling in quarterly profit as a result of record turnover in securities such as shares and derivatives.

The exchange, which ranks behind Hong Kong Exchanges and Clearing and Australian Stock Exchange in terms of stock market value, said it is keen to forge closer links with other exchanges and remains focused on wooing new foreign listings from across Asia.

Singapore Exchange said on Thursday its quarterly net profit had surged 97 percent to a record S$55.1 million ($34.9 million) in the fiscal fourth quarter to end-June, taking full-year profit 80 percent higher to S$187.6 million.

But the results also showed a strong rise in operating expenses, up 51.5 percent in the quarter to S$54.9 million, which the company said was mainly a result of higher bonus payments to staff. SGX paid its staff S$9.9 million in bonuses in the quarter and S$33.1 million for the year to the end of June.

Speaking to analysts and reporters at a results briefing, SGX Chief Executive Hsieh Fu Hua said operating costs excluding bonus payments had remained flat since 2002 while revenues doubled.

He also said the company remained interested in talking to other stock exchanges about consolidation but noted that Asia's bourses appeared not to be ready for tie-ups.

''As far as Asia is concerned, the time is not ripe yet for developments to take place. Perhaps in two or three years we might see some serious developments. Until then, I don't expect much to happen in Asia.'' ''FLIRT ALL THE TIME'' In May, SGX quashed market speculation that it was seeking a merger Nasdaq Stock Market, the second-largest market in the United States, but said it was open to tie-ups with others.

Asked on Thursday if he had held talks with other bourses since then, Hsieh said: ''We flirt all the time.'' SGX will start looking for a buyer for its headquarters in the city-state's financial district in the first quarter of its 2006/07 business year and hopes to sell the building by the end of March. It plans to remain in the premises as part of a sell-and-lease-back deal.

According to the average of 12 analysts forecasts compiled by Reuters Estimates, SGX full-year net profit had been expected to jump 65 percent to S$180.3 million, implying a forecast 62 percent rise in quarterly profit to S$47.8 million.

Ahead of the result, analysts had predicted full-year 2006/07 net profit of around S$185.5 million, according to Reuters Estimates -- or just below the figure SGX reported for 2005/06.

The daily average trading value of shares in the fourth quarter was S$1.2 billion, unchanged from the third quarter and up 80 percent from the same period a year ago, even as investors turned cautious amid global market turmoil during that period. Share trading accounts for 55 percent of SGX revenue.

SGX shares have lost more than 28 percent of their value since hitting a record S$4.94 on May 11 on the back of Nasdaq merger speculation.

But the stock is still up 23 percent so far this year, valuing the company at around $2.3 billion. That compares with a 58 percent jump in HKEx shares and a rise of just 3.6 percent for ASX shares over the same period.

Shares in SGX trade at 20 times forecast 2007 earnings, compared with HKEx's 25 times and ASX's 23. HKEx is due to report its earnings on Aug. 16 followed a day later by ASX.

REUTERS SBA ND2042