PSE incurs 7% profit
drop to P345M

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THE Philippine Stock Exchange (PSE) has incurred a 7 percent decline in its net income for the first half of the year on the back of a 50 percent drop in other income and increase in expenses.

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The local bourse said its net income after tax in the first six months was P345.15 million, 7 percent lower than the P372.7 million registered in the same period in 2016.

“Our other income did not meet the other level we had last year. We had a 50 percent drop, resulting in a drop in our net income. The drop in the other income basically was the one time initial income we had in 2016,” PSE President Ramon Monzon told reporters following the Exchange’s analysts’ briefing held late Wednesday.

PSE’s other income was at P77.54 million, 50 percent lower than the P156.41 million in the same comparable period.

Total expenses, meanwhile, grew 11 percent to P301.21 million from the P271.66 million registered year-on-year.

On the other hand, operating revenues rose to P662.53 million or an 18 percent increase from the P560.81 million in 2016.

“This increase was boosted by listing- and trading-related fees. Listing-related income was 37.4 percent while trading-related income was registered at 12.2 percent,” Monzon said.

Earnings before interest, tax, depreciation, and amortization rose 22 percent or P408.01 million from the previous P335.46 million.

In the same period, the company said it was able to raise P109.45 billion in terms of rights offerings and initial public offerings (IPO).

Three companies were listed on the PSE since January 2017. They are Wilcon Depot, Inc., Eagle Cement Corp., and Cebu Landmasters, Inc.

Next week, Dennis Uy’s Chelsea Logistics Holdings Corp. will be conducting its IPO listing, aiming to raise P8-billion for fleet expansion and acquisitions, among others.

Chelsea priced its IPO at P10.68 per share. ANGELICA BALLESTEROS

 

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