PSE nets P185-M in Q1, up 28%

Rappler.com

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Robust trading and listing fees boost the local stock exchange's net income in the first quarter, rising 27.8% to P184.8 million

ROBUST TRADING. Trading has been active at the Philippine Stock Exchange, hitting record highs with healthy volumes. Photo by PSE

MANILA, Philippines – The local stock exchange’s net income rose 27.8% to P184.8 million in the first 3 months of 2013 from P144.6 million a year ago, boosted by robust trading and listing fees.

On Tuesday, May 14, the Philippine Stock Exchange disclosed to the Securities and Exchange Commission that, from revenues that increased by 18.1% to P263.4 million, all major components of its income portfolio increased.

Trading-related income went up by 17.1% to P11.4 million as average daily value turnover amounted to P10.22 billion in March 2013 from P7.84 billion in March 2012.

Listing-related income was also higher by 15.3% mainly because the listing fees from IPOs and additional listings and maintenance fees went up by 54.4% and 9.7%, respectively. During the period, Philippine Business Bank listed under the first board of the stock exchange while 11 companies conducted additional listings and follow on offerings.

Service fees generated by wholly owned subsidiary, Securities Clearing Corporation of Philippines, increased by 24.16% to P111.3 million as trading volume increased.

On May 14, the day after the Philippines completed its mid-term national elections, the benchmark index of PSE breached the 7,300 barrier and closed at the 30th record high for 2013.

Higher operational cost hiked total expenses by 15.4% to P108.3 million.

PSE president and chief executive officer Hans B. Sicat earlier said he expects the company’s net income and revenues to grow by double digit this year on strong investors’ confidence on the local stock market.

He shared that the PSE expects to match if not surpass the P219.07 billion capital raised in 2012. – Rappler.com

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