THE Philippine Stock Exchange Inc. (PSE) posted a net income of 2016 at P372.7 million in the first half of year, up a mere 1.6 percent P366.84 million in the same period last year.
The company, which operates the country’s stock market, noted operating revenue declined by 13.9 percent at P560.81 million in January to June P651.54 million in the same comparable period. It said there was a drop in listings and trading.
Listing-related income fell by 14.3 percent as equity fund raising activities were put on hold due to the volatilities and uncertainties ahead of the May national elections.
The average daily value turnover during the six month period was only at P7.51 billion per day, lower than P10.04 billion daily turnover a year ago. Trading-related income declined by 11.2 percent and service fees fell by 22-percent.
Other income, on the other hand, supported the company’s net income which increased by 41.5 percent to P156.41 million year-on-year due to higher gains in investment income.
“We have seen trading activity pick up together with listings following the May national elections. This renewed interest in our market, together with the new products we hope to launch this year, should bode well in the improvement of our financial performance in the second half,” PSE President and Chief Executive Officer Hans B. Sicat said.
The PSE also managed to bring down total expenses by 8.3 percent to P271.66 million.
“We are hopeful that we can get more investor participation once products and services like the Dollar Denominated Securities, Real Estate Investment Trust, and Public-Private Partnership Company Listings are introduced,” Sicat said.