MANILA, Philippines - Profits of the Philippine Stock Exchange (PSE) jumped by 35.1 percent to P844.8 million in 2013 from the P625.3 million posted in 2012, on the back of higher listing and trading-related income.
“The significant growth in our revenues and income highlights the resilience of the company amidst the volatilities experienced by the market arising from uncertainties in the US economy. The country’s sound economic fundamentals and the heightened interest of investors to participate in the growth of our market have provided the impetus for increased trading activity,†PSE President and Chief Executive Officer Hans B. Sicat said.
The local bourse's revenues grew by 33.8 percent to P1.53 billion, while listing-related income rose by 28.5 percent to P160.07 million. Ten companies joined the PSE in 2013.
“Despite the lack of capital raising activities during the third quarter, we still managed to come close to our target. A lot of the companies understandably went into a wait and see mode. But in the last quarter, we all saw them coming back with their capital raising plans which only shows that the stock market remains to be a sound and compelling venue to generate funds,†Sicat said.
Trading-related income surged by 59.4 percent to P118.9 million due to strong trading volumes, while service fees from the PSE's wholly owned subsidiary, Securities Clearing Corporation of the Philippines, increased by 43.7 percent to P454.68 million.
Total value turnover improved by 43.7 percent to P2.55 trillion while average daily turnover jumped bu 6 percent to P528 million.
“We have launched a great number of products and services in 2013 all geared to drive the growth of the company and the stock market over the medium-term. We are keen to sustain all these initiatives to make us more attractive as an investment destination and to help us become more competitive as a market particularly with the forthcoming ASEAN (Association of Southeast Asian Nations) economic integration in 2015,†Sicat said.
The local bourse expects capital raising activities to surpass the P175 billion-level in 2013 as companies continue to grow.