PSE earnings jump 91% to P148.3 million in January-June

MANILA, Philippines - The Philippine Stock Exchange (PSE) reported a 91 percent jump in first half  net earnings this year to P148.3 million, mainly due to higher listing and trading-related revenues and lower operating expenses.

In the second quarter, PSE’s net profit grew 33 percent to P65.79 million from P49.36 million in the same period in 2009. Revenues rose 30 percent to P346.09 million.

“Higher listing and trading-related revenues reflected investor optimism over an economic rebound. The optimism was further mirrored by the PSE index which gained 31.4 percent during the first half. Management continues to exercise cost-saving measures and seeks revenue opportunities to improve our bottom line,” PSE president and chief executive officer Val Antonio B. Suarez said.

Listing-related income jumped 54 percent mainly from listing fees. During the period under review, Integrated Micro-Electronics Inc. and IP E-Game Ventures Inc. listed by way of introduction on the stock exchange. Petron Corp. also raised P10 billion via the listing of its preferred shares. 

Operating expenses, however, fell 9.6 percent to P157.8 million.

“In the short term, we expect the recently launched New Trading Sytem (NTS) to increase volumes and improve trading efficiency. Moreover, the integration of our offices in Makati will further reduce costs and generate substantial savings for the PSE as we continue to prudently monitor and manage our expenditure,” Suarez said.

The PSE also continues to pursue corporate governance initiatives. Recently, the PSE revised the listing and disclosure rules for the “Maharlika Board,” a new listing segment. In particular, the Maharlika Board aims to distinguish listed companies which voluntarily subscribe to higher corporate governance standards.

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