PSE targets P800-M profit on listing bonanza
The Philippine Stock Exchange (PSE) aims to chalk up P800 million in net profit this year, about 14 percent higher than last year’s level, on the back of robust listing- and trading-related income.
The PSE saw a 7.4-percent year-on-year drop in first semester net profit to P345.15 million in the absence of one-time gains that lifted last year’s earnings. For the second quarter alone, its net profit amounted to P189.6 million, down by 8.8 percent.
Six-month operating revenues rose by 18.1 percent year-on-year to P662.53 million due to gains from listing- and trading-related fees.
“The favorable investment backdrop provides basis for more trading and listing activities. This should support further growth in our revenues,” said PSE president and CEO Ramon Monzon.
In the first semester, listing-related income went up by 37.2 percent due to a string of initial public offerings and stock rights offerings. Trading-related income, on the other hand, increased by 12.2-percent due to higher trading volume.
Average daily value turnover at the end of the semester amounted to P8.08 billion compared to P7.51 billion in the same period last year.
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