The Philippine Stock Exchange booked a net income of P727.1 million in 2018, down 12 percent from P828.1 million in the previous year that included a one-time gain from the sale of Ortigas offices worth P252 million.
The PSE said revenues in 2018 based on audited financial statement rose 30 percent to P1.59 billion from P1.22 billion in 2017 on higher listing fees.
Listing fees more than doubled to P572.9 million from P249.8 million as more companies raised capital through the local bourse.
Cost and expenses, however, jumped 29 percent in 2018 to P762 million from P592 a year ago.
Capital raising activities throughout the stock exchange in 2018 reached P188 billion, up 12.5 percent from P167 billion in 2017.
Only D.M. Wenceslao & Associates Inc., which raised P8.1 billion in proceeds, conducted an IPO in 2018.
Two of country’s largest banks—Metropolitan Bank & Trust Co. and Bank of the Philippine Islands—conducted rights offering that raised a combined P110 billion in fresh capital.
Several companies also conducted rights offering, namely PetroEnergy Resources Corp., Robinsons Land Corp. and Integrated Micro-Electronics, Inc.,
Several listed firms, namely IRC Properties Inc., China Banking Corp., Basic Energy Corp. and Golden Bria Holdings Inc. made private placements.
The PSE expects P200 billion in equity deals this year, including initial public offerings , private placements, follow-on offerings or stock rights offerings.
Businessman Dennis Uy’s PH Resorts Group Holdings Inc. has announced plans to defer its maiden offering, but two more companies are expected to push through with their IPO plans.
They are canned fruit manufacturer Del Monte Philippines Inc. and tech manufacturer Cal-Comp Technology (Philippines) Inc.
The two last year announced their intention to list with the PSE but postponed their plan due to the weakness of the market.
Another Uy-owned firm, ISM Communications, and Tiger Resort Leisure and Entertainment Inc. are expected to conduct follow-on offerings after joining the exchange through backdoor listing.
The PSE is hoping the real estate investment trusts will take off the ground this year to boost market trading.