PSE says 2014 net income up 2.7% to P867.55M

The Philippine Stock Exchange (PSE) reported a 2.7 percent increase in net income last year on the back of muted trading activity.

 

In an e-mailed statement Thursday, the PSE said net income reached P867.55 million from P844.77 million a year earlier.

 

“We saw trading activity taper off last year from 2013 which neutralized gains from listings," president and CEO Hans B. Sicat said.

 

Revenues expanded by 4.1 percent to P1.71 billion from P1.53 billion.

 

Listing-related income rose by 13.1 percent to P816.36 million, as listing fees from initial public offerings, listings by way of introduction, share swaps, and additional listings grew by 19.2 percent to P590.27 million.

 

Gains in listing-related income were offset, however, by lower trading-related fees which declined by 5.5 percent to P299.26 million.

 

Transaction fees decreased as average daily turnover in 2014 slowed down by 16.3 percent to P8.80 billion from P10.52 billion in 2013.

 

Slower trading activity also affected the service fees from the Securities Clearing Corporation of the Philippines (SCCP), which accounted for 25 percent of PSE’s total revenues, the PSE noted.

 

"Moving forward, however, we are hopeful that the brisk trading activity we have seen since the start of the year together with the projects that will be undertaken by the PSE in 2015, will help push the financial growth of the company,” Sicat said.

 

As of February 25, daily average turnover is up by 81.4 percent to P11.54 billion compared with the same period last year.

 

The PSE is among the best performing markets in the region. On February 25, 2015, the PSEi closed at a record high of 7,844.06, up by 8.5 percent year-to-date. – Danessa O. Rivera/VS, GMA News