The Philippine Stock Exchange (PSE) posted a 28.1 percent increase in net income for January to September on strong sales.
In a statement, the PSE said its nine-month net income rose to P718.96 million. No comparative figures were provided.
“We are pleased with the company’s performance in the first nine months. We expect capital raising activity to remain brisk in the last few weeks of the year with the number of IPOs and follow on offerings lined up,” PSE President and Chief Executive Officer Hans Sicat said.
“The year is drawing to a close but we remain focused on what needs to be accomplished based on our targets this year,” he added.
Operating revenues from January to September rose 18.7 percent on-year to P1.19 billion on higher listing-related income.
Listing-related income, which cornered 42.9 percent of revenues, surged 79.1 percent as listing fees from initial public offerings and additional listings grew.
Trading-related income, which made up 18.5 percent of operating revenues, dipped 8.3 percent on lower transaction fees in the first nine months of the year.
Total value turnover decreased to P1.54 trillion in the nine-month period from 2013’s P1.99 trillion, while data feed income and subscription fees rose 13.4 percent and 42.4 percent, respectively, as trading-related income losses were reduced.
Total expenses also climbed 14.9 percent to P413.19 million on higher operational expenditures.
The PSE said the groundwork for the new trading system powered by Nasdaq OMX’s X-stream Trading Technology is on schedule to go live in May 2015. X-stream Trading is the most widely used exchange trading system in the world, based upon its proven success in providing the operational efficiencies needed to rein in costs as well as the functionality necessary to fully meet client demands.
The local bourse is optimistic it will meet its P200-billion target for capital fund-raising this year as it has already reached about 60 percent, or P128 billion, of its goal as of end-September.
Sicat said that IPOs, follow on offerings, and other shares sale in the fourth quarter towards year-end will make it possible for PSE to achieve its target.
He said that follow on offerings accounted for the bulk of the P128 billion capital funds raised so far.
If all planned IPOs push through within the year, Sicat said these will account for about 35 percent of total funds raised for 2014.
Several companies are rushing to complete their offerings before year-end, including the IPOs of Phoenix Semiconductor Philippines Corp. (P1.73 billion) and Xurpas Inc. (P1.37 billion).
Companies that listed in the stock market so far include the listing by way of introduction of Trans-Asia Petroleum Corp., Top Frontier Investment Holdings Inc., and the IPOs of SSI Group Inc., Xurpas Inc., Phoenix Semiconductors Philippines Corp., Double Dragon Properties Corp. and Century Pacific Food Inc. The PSE earlier said nine to 10 firms are seen going public in 2014.