MANILA, Philippines - Net income of the Philippine Stock Exchange (PSE) soared 91% in the first 6 months due to higher listing and trading-related revenues, and lower operating expenses.
Based on its financial statement, the PSE reported that net income grew to P148.3 million in the period from January to June, from P77.6 million in the same period last year.
In the April to June quarter alone, net income also rose 33% to P65.79 million from 49.36 million in the same period last year.
"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% during the first half. Management continues to exercise cost-saving measures and seeks revenue opportunities to improve our bottomline," PSE President and Chief Executive Officer Val Antonio Suarez said.
Revenues in the first half grew 30% to P346.09 million from P265.76 million as listing-related income was higher rose 54%, mainly from listing fees.
During the first semester, Integrated Micro-Electronics Inc. and IP E-Game Ventures Inc. listed by way of introduction on the stock exchange. Petron Corp. also raised P10 billion via the listing of its preferred shares.
Meanwhile, operating expenses fell 9.6% to P157.8 million during the period.
"In the short term, we expect the recently launched the New Trading System 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 also continues to pursue corporate governance initiatives. Recently, the PSE revised the listing and disclosure rules for the "Maharlika Board", a new listing segment of the PSE. In particular, the Maharlika Board aims to
distinguish listed companies which voluntarily subscribe to higher corporate governance standards.
The PSE is the country's only stock exchange with 250 listed firms and 132 active trading participants.