PSE posts 93% profit hike in 2006

The Philippine Stock Exchange (PSE) reported a 93-percent jump in its net profit last year to P231.11 million, boosted by higher revenues from listing, membership and service fees.

In a financial report filed with the Securities and Exchange Commission (SEC), the PSE said operating revenues grew 47 percent to P564 million, driven by a 53.4-percent rise in listing fees.

Last year, a total of four companies went public compared with only two in 2005. There were also 48 additional listings from only 26.

Membership fees, which comprised 13 percent of operating revenues, also went up 37.07 percent, largely due to higher transaction fees by P16.59 million or 58.26 percent. Processing fees for block sales, on the other hand, increased by 23.5 percent due to higher volume as compared to last year.

A 6.53-percent growth in membership fees from subscriptions was noted due to an increase in the number of Maktrade terminals.

Also boosting revenues were the fees coming from wholly-owned subsidiary Securities Clearing Corp. of the Philippines (SCCP), amounting to P102.37 million or an increase of 159.62 percent from P39.43 million. This was attributed to an increase in total trade value from P384.39 billion to P572.84 billion. Since May 2005, the total trade value is being based on gross trade, inclusive of block transactions and cross trades.

Fees from data feed connections likewise increased by 15.17 percent due to five additional subscriptions.

Operating expenses, meanwhile, grew 12.45 percent to P273.23 million mainly because of higher manpower and occupancy costs.

As of end-December 2006, the PSE’s total resources stood at P2.26 billion or 14.51 percent higher than the previous level. It also had retained earnings of P287.39 million, up nearly 100 percent.

The PSE has approved a 100-percent stock dividend and a cash payout of P8.80 per share for a total of P134.4 million. Entitled to receive the cash dividends are shareholders of record as of March 1.

The amount, consisting of P6 regular and P2.80 special dividends per share, will be payable on March 15, 2007. It will bring to P561.6 million the amount of cash dividends it declared since 2003.