PSE posts 1341.7-M net income, up 34.7%

The Philippine Stock Exchange, Inc. (PSE) reported yesterday that its net income for the first half of 2019 rose by 34.7 percent to 1341.72 million from 1253.64 million in the same period last year.

The increase was mostly due to a surge in the company’s Other Income, which registered a 640.7 percent growth to 1176.29 million due to higher interest income and fair value of equity investments.

For the January to June period, PSE’s operating revenues were down by 13.5 percent to 1605.24 million from 2018’s 1699.58 million on lower trading-related fees and listing-related fees.

“Several factors prompted issuers and investors to shy away from the stock market and this had a negative impact on our main revenue sources. Capital raising may still be challenging given the rate cuts and the reduction in

banks’ reserve requirements but we are optimistic that several companies are still keen on raising funds through the equities market,” said PSE President and CEO Ramon S. Monzon.

“While value turnover is still marginally higher year to date, we may see market activity tempered by ongoing geopolitical concerns. We hope that these issues will be resolved soon so investors find their way back to the stock market,” Monzon added.

Total expenses were down by 6.1 percent to 1 364.50 million.

In August, the Exchange had the pilot run for PSE EASy, the local small investor subscription platform for initial public offerings. The PSE has also submitted to the Securities and Exchange Commission the comments of its stakeholders on the proposed amendments to the PSE Listing Rules for Real Estate Investment Trust.