PSE profit rises three-fold to P82.5 million in first quarter

MANILA, Philippines - Boosted by improved listing-related income and robust trading volumes, the Philippine Stock Exchange (PSE) reported an almost three-fold increase in net profit to P82.51 million from P28.23 million a year ago.

In a press briefing yesterday, the PSE announced that revenues grew 69 percent to P186 million as listing-related revenues spiked 129.8 percent to P84.1 million owing to two listings during the period — Ayala-led Integrated Microelectronics Inc. and IP E-Game Ventures Inc.

 Trading-related fees reached P37.36 million, up 71.3 percent on the back of a 93 percent jump on trading volumes. Total value turnover nearly doubled to P231.79 billion while average daily value turnover expanded 90 percent to P3.68 billion.

Operating expenses fell 3.7 percent to P76.36 million from P79.28 million.

PSE chairman Hans Sicat said the bourse sees continued growth for the rest of the year on improving global economic conditions and the relatively peaceful election.

“We are optimistic that the market environment will continue to improve this year as macroeconomic indicators remain sound. The smooth conduct of the 2010 elections and the speed of determining the country’s new leadership is a major contributor to investor confidence in the stock market,” Sicat said.

PSE chief operating officer Val Antonio B. Suarez said there were several firms applied for listing on the local bourse but did not name them, pointing out that Cebu Pacific would revive its initial public offering (IPO) bid in the next few months.

Aside from this, Suarez said management continues to implement cost-containment measures.

He cited the PSE’s office integration project as an example of measures aimed at increasing operational efficiency and reducing its occupancy and operational costs.

Under the office integration project, all offices at the PSE Tektite Towers in Pasig City will be transferred to the PSE’s Makati headquarters at Ayala Tower One before the end of the year.