PSE 9-mo profit up 31%
Credit to Author: Tyrone Jasper C. Piad| Date: Sat, 26 Oct 2019 16:15:47 +0000
THE Philippine Stock Exchange (PSE) saw its net income surge by 30.83 percent to P485.07 million in the first nine months of 2019 from P370.75 million in the same period last year as lower expenses boosted bottom line figures amid weaker revenues.
In a financial report filed on Friday, the PSE said its consolidated revenues fell by 8.64 percent to P909.08 million in the January-to-September period from the year-earlier P995.06 million on account of lower listing-related fees.
A breakdown for the period shows that listing-related revenues, which accounted for 42 percent of topline figures, slid by 12.44 percent to P378.19 million from P431.91 million the year before.
Under the listing-related segment, revenues from filings dropped by 19.46 percent to P187.71 million, listing maintenance declined by 3.94 percent to P190.22 million, and processing plunged by 68.67 percent to P260,000.
Trading-related revenues also dropped by 22.08 percent to P245.99 million from P315.7 million the previous year.
Services and other revenues rose by 7.71 percent to P245.56 million and 33.57 percent to P39.34 million, respectively.
As of end-September, total expenses slid by 6.79 percent to P531.29 million from P569.92 million last year, weighed down by decreasing general and administrative costs.
The decrease in depreciation, occupancy costs, repair and maintenance, market development and insurance, among others, dragged down general and administrative expenses by 16.22 percent to P299.11 million in the first nine months from the year-earlier P357.01 million.
Cost of services climbed by 9.02 percent to P232.18 million in the first nine months from P212.96 million year-on-year.
This month, PSE announced that it would be repurchasing around 1 million shares to further decrease the shareholdings of its brokers as part of compliance.
This, after buying back 2.42 million shares for P445.10 million, or P183.93 apiece, in September. As a result, broker ownership was reduced to 26 percent from the pre-transaction figure of 28 percent.
PSE began buying back common shares in August from its broker shareholders to reduce their shareholdings to 20 percent.
PSE shares ended flat at P175 apiece on Friday.