MANILA, Philippines - The Philippine Stock Exchange (PSE) posted a net income of P174.8 million in the first semester, up 18 percent from P148.3 million a year earlier on the back of higher listing-related income, trading related fees and service fees.
In a statement issued on Monday, the PSE said revenues climbed 22 percent to P426.58 million from P350.56 million with listing-related income registering a 31 percent growth to P178.16 million.
Trading-related fees spiked 22 percent to P96.04 million while service fees generated by Securities Clearing Corp. of the Philippines, a wholly-owned subsidiary of PSE, likewise grew to P118.18 million from P91.66 million due to higher trading volume.
The PSE index posted a new record high last Aug. 1 at 4,550.53. Year-to-date, the main composite index has gained 2.9 percent or 120.59 points.
“We remain optimistic that our efforts to boost liquidity and improve corporate governance in the stock market will continue to enhance not only our financial performance but the confidence of shareholders and investors in the exchange,” said PSE president and chief executive officer Hans B. Sicat.
Among the companies that tapped the equities market for their funding requirements during the period under review were Megawide Construction Corp. (initial public offering), San Miguel Pure Foods Company, Inc. (follow-on offering of preferred shares), Sta. Lucia Land (share-for-property swap), Banco de Oro Unibank, Inc. (placement), Metropolitan Bank & Trust Company (stock rights), Robinsons Land Corp. (stock rights), San Miguel Corp. (follow-on), Trans-Asia Oil and Energy Development Corporation (stock rights), and Metro Pacific Investments Corp. (underlying common shares for convertible securities).
Operating expenses increased 24 percent to P200.62 million largely due to expenses related to PSEtrade, the PSE’s new trading system, higher consultancy contracts on studies for the development of new products, and higher taxes, among others.