PSE nets P373M

THE PHILIPPINE Stock Exchange eked out a 1.6-percent growth in first semester net profit to P372.70 million as higher investment income and a tighter grip on expenses made up for the slack in earnings from listings and trading.

Operating revenues from January to June declined by 13.9 percent year-on-year to P560.81 million, the PSE said in a press statement on Monday.

Listing-related income dropped by 14.3 percent year-on-year as fund-raising activities through equities were put on hold due to volatilities and uncertainties ahead of the May national elections.

Average daily value turnover for the six-month period eased to P7.51 billion from P10.04 billion a year ago. This contributed to the 11.2 percent decline in trading-related income and 22 percent dip in service fees.

Meantime, the company’s other income increased by 41.5 percent to P156.41 million due to higher gains in investment income.
 
”We have seen trading activity pick up together with listings following the May national elections. This renewed interest in our market, together with the new products we hope to launch this year, should bode well in the improvement of our financial performance in the second half,” PSE president Hans Sicat.
 
The bourse also kept a tighter rein on spending, resulting in an 8.3-percent year-on-year decline in total expenses to P271.66 million.
 
“We are hopeful that we can get more investor participation once products and services like the dollar denominated securities, real estate investment trust, and public private partnership company listings are introduced,” Sicat added.