Local bourse sees modest full-year earnings

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The Philippine Stock Exchange sees modest full-year earnings growth despite being optimistic that listing income and the stock market in general will both pick up towards the end of the year.

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”I think if things go right for us, we will probably be in the P600 to P700 million [full year net income]area,” PSE President and Chief Executive Officer Hans Sicat said.

“That’s a big range but it will be great if we will get there. We’ve gained P624 million last year but that’s because we had massive issuances last year,” he added.

According to Sicat, the bourse is seeing a smaller growth rate in revenues because of slowdown in trading value in July and August, but follow-on offerings will continue.

”We will have a few more issuances and we will get to our guidance number,” he said.

Sicat also said that if trading volume and listing volume kicks off toward the end of the year, then the PSE “can more or less beat its last year’s income”.

Meanwhile, the PSE president didn’t give any indication if the local bourse is sticking to its capital-raising target for the whole of 2013.

“We haven’t looked at it [capital-raising] yet. The test will come in September. Markets are markets so suddenly you might have a whole school of activities that can also help us try to catch up,” he said.

In a presentation, the PSE reported that as of August 15, capital-raising stood at P31.27 billion from P91.13 billion of August 15, 2012.

In its financial statement, PSE also just reported a 31.8-percent increase in its net profit for the first half of 2013 to P428.95 million from P325.53 million it earned in the same period a year ago.

Also, its total revenues surged by 30.1 percent to P789.62 million.

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