Broker Citiseconline's 9-month net income up more than tenfold

Online stock brokerage company CitisecOnline.com Inc. reported that its net income for the first nine months of the year grew by more than tenfold on higher revenues. In a report to regulators, CitisecOnline said its net income shot up to P104.4 million in the January to September 2007 period, from P10.1 million in the same period in 2006. Revenues grew by almost four times to P203.2 million from P52.7 million. The higher revenues came from the huge jump in the number of the company's clients. "The number of customer accounts increased significantly in 2007 as it generated a total of 3,344 new accounts, up 367.5 percent compared to prior year. This indicates the Group's increasing appeal in the market place which translates to increased customers's net equity and net revenues," CitisecOnline said. Expenses also increased to P68.3 million from P46.5 million. The company was incorporated in 1999 and went public in July last year. It is engaged in the business of broker and/or dealer of securities and to provide stock brokerage services through internet technology. CitisecOnline also owns 100 percent of CitisecOnline.com Hong Kong Ltd., a member of the Hong Kong Exchanges. - Cheryl Arcibal, GMANews.TV