THE PHILIPPINE Stock Exchange jacked up its first-semester net profit by 91 percent year on year to P148.3 million on higher listing and trading-related revenues coupled with lower operating expenses.
Based on its financial statement submitted to the Securities and Exchange Commission yesterday, the PSE also reported that for the second quarter alone, net income grew 33 percent to P65.79 million from a year ago.
“Higher listing and trading-related revenues reflected investor optimism over an economic rebound. The optimism was further mirrored by the PSE index, which gained 31.4 percent during the first half,” PSE president and chief executive officer Val Antonio B. Suarez said.
Six-month revenues rose 30 percent to P346.09 million from last year. Listing-related income was up 54 percent mainly from listing fees.
During the first semester, Integrated Micro-Electronics Inc. and IP E-Game Ventures Inc. listed by way of introduction, or without any public offering of shares.
Leading oil refiner and retailer Petron Corp. also raised P10 billion through the listing of its preferred shares.
Operating expenses, on the other hand, were lower by 9.6 percent to P157.8 million during the period.
“In the short term, we expect the recently launched New Trading System (NTS) to increase volumes and improve trading efficiency. Moreover, the integration of our offices in Makati will further reduce costs and generate substantial savings for the PSE as we continue to prudently monitor and manage our expenditures,” Suarez said.
The PSE is the country’s only stock exchange with 250 listed firms and 132 active trading participants.
Source: www.inquirer.net , by Doris Dumlao, August 16, 2010