CitisecOnline expects RP revenues to drop by 40%
Amid a slowing
With the
The subprime default crisis, which has led to huge losses on investments linked to the home loans, has resulted in weak investor sentiment.
“We’re affected by the slowdown in the global markets. It would be very difficult to replicate our performance last year,” said Conrado F. Bate, president of CitisecOnline.
The year 2007 was a banner year for CitisecOnline with its net profit and revenues, growing by double and triple-digit, respectively. Net earnings jumped to P137.6 million from a meager P34.3 million while revenues jumped by 203.4 percent to P285.91 million on the back of higher customer accounts and commissions from clients’ trading activities.
“We expect 2008 to be a turbulent time for global financial markets as the
Bate, however, remains optimistic about the local stock market prospects given the country’s strong fundamentals.
“We do not see it as a setback but rather as an opportunity for us to focus more on customer-oriented services,” Bate said.
Given the challenging market environment, CitisecOnline is planning to continue conducting investor education seminars to broaden awareness about the company and stock market investing.
By expanding its reach and awareness to the investing public and introducing value-added products and services, CitisecOnline is confident that it will attract more clients.
Bate said the company is eyeing a 15 to 20 percent rise in its customer base.
As of end-December 2007, CitisecOnline had a total of 5,125 customer accounts as against 1,343 the previous year.
CitisecOnline has been actively trading in the Philippine Stock (PSE) Exchange since 2001, providing stockbrokerage services through Internet technology. It owns CitisecOnline.com Hong Kong Ltd., a member of the Hong Kong Stock Exchange.
The company has gained status for its proficiency in equity analysis and brokerage services with the management team comprising professionals in the financial and information technology companies as well as entrepreneurs with decades of experience in the stockbrokerage industry.
The company’s vision is to be the leading online financial services provider in
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