PSE Q1 net income up 50%

The Philippine Stock Exchange Inc. (PSE) reported a 49.9% growth in its first-quarter net income, driven by the double-digit expansion of in trading-related and service fees during the period.

Net income grew to P381.71 million from P254.67 million, as operating revenues grew 18.5% to P746.81 million from P645.49 million. Total expenses and costs increased by 1.3% to P334.79 million.

Trading-related fees climbed by 15.7%, and service fees by 24.8%, as both the PSE and the Philippine Dealing & Exchange Corp. posted “brisk” trading activity, while fees from depository securities increased 5.9%.

“The market’s positive momentum may have been short-lived but the bullish stance during the first two months of the year helped lift our first quarter numbers,” PSE president and chief executive officer Ramon Monzon said in an emailed statement.

“Despite the persistent global and domestic headwinds, we remain committed to our strategic roadmap and continue to pursue product, technology, and sustainability initiatives that will reinforce the Exchange’s long-term resilience and competitiveness,” he added.

Monzon in January said the PSE is aiming to raise as much as P175 billion this year, with four companies expected to push through with their initial public offerings (IPOs). —AOL, GMA News