PSE net income hits P324M in H1

By Miguel R. Camus, BusinessMirror

Posted at Aug 16 2012 09:19 AM | Updated as of Aug 16 2012 05:35 PM

MANILA, Philippines - The Philippine Stock Exchange Inc. (PSE), operator of the country’s only stock exchange, said its net income in the first six months of the year surged 85 percent to P324.41 million as the bourse saw more listings and trading-related activities.

In a statement, listing revenues during the period, according to the PSE, increased by 19.2 percent to P212.31 million. Operating revenues overall, it said, rose 30 percent to P520.32 million.

Three companies conducted initial public offerings during the period, namely, GT Capital Holdings Inc., Eastwest Banking Corp. and Calata Corp., raising a total of P17.89 billion. A fourth company, Rockwell Land Corp., also listed by way of introduction, meaning funds were not raised.

In the January-to-June period, moreover, capital proceeds from private placements amounted to P15.46 billion; stock-rights offerings, P4.24 billion; and follow-on offerings, P10 billion, the PSE said.

Trading-related fees also increased 12.7 percent to P108.23 million, as trading volume surpassed the level  last year. Average daily turnover value of P7.64 billion was recorded in the first half of 2012 compared with P5.25 billion in the same period last year.

Also, service fees generated by the Securities Clearing Corp. of the Philippines, a wholly owned subsidiary of the PSE, jumped by 43 percent to P169.24 million.

The outlook for the stock market remains optimistic given that local fundamentals, both on micro and macro levels, continue to be encouraging,” PSE President and Chief Executive Officer Hans B. Sicat said in a statement.

Total expenses were capped at P207.32 million for the first six months of the year, reflecting a slight increase by 3.34 percent compared with the same period last year at P200.62 million.