The Philippine Stock Exchange, Inc. (PSE) reported an 18.9 percent increase in its operating revenues in the first three months of the year to Php311.54 million due to higher listing- and trading-related fees.
Listing-related revenues rose 36.7 percent while trading-related income increased by 13.4 percent for the period compared with 2016 figures. Among the major capital raising activities during the first quarter were the initial public offering of Wilcon Depot, Inc. and the stock rights offering of BDO Unibank, Inc. Meanwhile, trading activity registered a daily average value turnover of Php6.82 billion, up from the Php6.78 billion average during the same period in 2016.
“The favorable market conditions have pushed daily value turnover back to the Php7 billion level and we are seeing renewed interest to tap the equities market for capital raising activities. Given these, we hope that our operating revenues will continue to improve in the coming months,” said PSE President and CEO Ramon S. Monzon.
Gains in operating revenues, however, were offset by a 63.1 percent drop in other income from Php66.71 million to Php24.60 million with the absence of a non-recurring income that was reflected in the same period last year. This resulted in a net income of Php155.53 million for the first quarter of 2017, down by 5.6 percent from the Php164.73 million net profit posted in the first quarter of 2016.
Total expenses marginally increased by 1.8 percent to Php133.51 million.
“The Exchange will continue to focus on major projects such as the consolidation of the equities and fixed income markets and the introduction of more products. These initiatives will not only contribute to our bottom line in the long run but they will also make the PSE even more competitive among our peer stock exchanges in the region,” Mr. Monzon added.