'Sky-high optimism' in PH boosts PSE 9-mo income by 103%
MANILA, Philippines - Healthy trading in the local bourse on the back of strong investor confidence in the economy lifted the earnings of the Philippine Stock Exchange (PSE) by 103% in the first 9 months of 2012.
In a statement on Friday, November 16, the PSE said its net income in January to September rose to P484.95 million from P238.39 million in the same months last year, as operating revenues grew 38.9% to P833.98 million from P600.63 million.
PSE President and CEO Hans Sicat said the bourse "has benefited tremendously from the favorable economic environment and sky-high optimism in the Philippines."
Close to half of the company's operating revenues came from listing activities. Listing revenues soared 61.3% to P406.05 million in the first 9 months from P251.73 million in 2011.
Among the companies that raised fresh capital during the period were San Miguel Corp., First Gen Corp., BDO Unibank Inc., and Tanduay Holdings Inc.
"Total capital proceeds from private placements, stock rights offerings, initial public offerings and follow-on offerings in the January to September period amounted to P174.97 billion from P64.54 billion in the same period last year," the PSE said.
Service fees generated by the Securities Clearing Corporation of the Philippines, a wholly-owned subsidiary of the PSE, increased by 25% to P233.51 million.
Other income skyrocketed 171.2% to P101.13 million from P37.28 million primarily due to the improved investments.
Sicat said the PSE is committed to prudent financial management to improve its financial performance and provide value to its shareholders.
"We hope to further sustain the profitability of our operations as we continuously work to introduce new products and put in place corporate governance enhancements in the market," he said. - Rappler.com