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Friday, March 29, 2024

PSE says ’16 profit up 3% to P701.5m

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The Philippine Stock Exchange posted a net income of P701.5 million in 2016, up 3 percent from P682.1 million in 2015, on higher operating revenues and lower expenses.

The PSE said operating revenues increased 4 percent in 2016 to P1.26 billion from P1.21 billion, while operating expenses declined 1.5 percent to P592.6 million the previous year.

Listing-related income, which accounted for 44 percent of total operating income, rose 16 percent following the initial public offerings of four companies and follow-on offerings of 39 firms.

Trading-related income dropped 2.2 percent after the value turnover in 2016 slipped fell 10 to P1.93 trillion.

Services fees from Securities Clearing Corp., a wholly-owned unit of the PSE, rose 10 percent, while revenues from data feed increased 12.5 percent as both the number of market data subscribers and income from subscription decreased.

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“Our revenues were affected by the volatile markets as it kept our trading-related income muted. But the decline in this revenue segment was more than enough to offset the multiple offerings we had which picked up in the second half of 2016,” PSE president and chief executive Hans Sicat said.

The four IPOs last year were Cemex Holdings Philippines Inc., Pilipinas Shell Petroleum Corp., Shakey’s Pizza Asia Ventures Inc. and Golden Haven Memorial Park Inc.

“This year, we believe we could have a healthy IPO and secondary offerings pipeline which could support the growth of listing-related revenues,” Sicat aded.

Among the IPOs in the pipeline for 2017 are Wilcon Depot Inc., Xeleb Technologies Inc., AudioWav Media Inc., Cebu Land Masters Inc., Bermaz Auto Philippines Inc. and Pure Energy Holdings Corp.

With the recent approval of the dollar-denominated securities and PPP listing rules, Sicat said the PSE diversified its product offerings which would boost trading at the local stock market.

“We are also hoping that trading activity will pick up in the coming months,” he said.

Share price of PSE on Friday fell 1.2 percent to P239.

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