In 2017 PSE net profit rises 18% to R825 M
The Philippine Stock Exchange, Inc. (PSE) registered an 18 percent hike in unaudited consolidated net income to R825 million in 2017 from the R702million net profit posted in the previous year.
In a statement, the bourse said operating revenues and other income in 2017 increased by 10 percent to R1.63 billion from R1.48 billion in 2016. Revenues were supported by higher trading activity, stronger market data income, and a gain on the sale of the PSE’s Tektite Office.
For 2017, average daily turnover increased by more than 3 percent to R8.06 billion compared to R7.81 billion in 2016.
Subscription fees and market data income on the other hand increased by 26 percent as a result of more investors using the online trading service of the Exchange and the successful introduction of new data products.
Operating income went down by 3 percent in 2017 compared to 2016 due to lower listing-related income from initial public offerings. Management was able to reduce total expenses to R596 million in 2017, almost 2 percent lower than the previous year.
“The Exchange’s successful execution of its major initiatives in 2017 resulted in this positive financial performance of the Company,” PSE President and CEO Ramon S. Monzon explained.
He added that, “the new products and services that were introduced provided more mechanisms for capital raising and supported our thrust of expanding the retail investor base.”
In 2017, there were three issuances that used the new dollar denominated facility of the Exchange, which together raised US$370 million while new rules for the listing of PublicPrivate Partnership Projects were also launched.
In December, the guidelines for short selling were submitted to the Securities and Exchange Commission (SEC) for their approval.
“We have set even bigger targets and milestones for the Exchange in 2018. With our stock rights offering proceeding within schedule, we hope to finally get the exemptive relief from the SEC for our acquisition of PDS. The consolidation of the equities and fixed income markets will result in a bigger and more efficient capital markets for the country,” Monzon added. (JAL)