MANILA, Philippines - More activities in the equities market allowed the operator of the country’s stock exchange to post hefty income growth last year despite episodes of volatility.
Capital raising in the local bourse will remain robust this year as companies expand amid vibrant economic activity, the Philippine Stock Exchange (PSE) said in a disclosure yesterday.
In 2013, the PSE’s net income jumped 35.1 percent to P844.8 million from P625.3 million a year ago due to higher listing and trading income.
“The significant growth in our revenues and income highlights the resilience of the company amidst the volatilities experienced by the market arising from uncertainties in the US economy,†said PSE president and CEO Hans B. Sicat.
“The country’s sound economic fundamentals and the heightened interest of investors to participate in the growth of our market have provided the impetus for increased trading activity,†he said.
He said PSE revenues climbed 33.8 percent to P1.53 billion on the back of notable growth on all income components: listing-related income, trading-related earnings and service fees.
In particular, listing-related income rose 28.5 percent to P160.07 million as 10 companies debuted in the local bourse.
Last year, eight companies conducted an initial public offering: Philippine Business Bank and Asia United Bank Corp., AG Finance Inc., Harbor Star Shipping Services Inc., Travellers International Hotel Group Inc., Robinsons Retail Holdings Inc., Discovery World Corp. and Concepcion Industrial Corp. Del Monte Pacific Ltd. and First Metro Exchange Traded Fund (ETF) listed by way of introduction.
“Despite the lack of capital-raising activities during the third quarter, we still managed to come close to our target,†Sicat said.