MANILA -- The Philippine Stock Exchange Inc. (PSE) on Friday said its profit surged by 3 percent to PHP701.54 million in 2016 on the back of higher operating revenues.
Its operating revenues rose 4 percent to PHP1.26 billion, while expenses declined 1.5 percent to PHP592.60 million.
Listed-related income, which made up 44.2 percent of operating revenues, rose by 15.6 percent on the back of four initial public offerings (IPO) and 39 follow-on listings.
Trading-related income dipped by 2.2 percent, as total value turnover slipped by 10.3 percent in 2016 to PHP1.93 trillion.
"Our revenues were affected by the volatile markets as it kept our trading-related income muted. But the decline in this revenue segment was more than offset by the multiple offerings we had which picked up in the second half of 2016," said PSE President and Chief Executive Officer Hans Sicat.
Sicat is optimistic the country will have a healthy IPO and secondary offerings pipeline this year which can support the growth of listing-related revenues.
"With the approval of the dollar-denominated securities and PPP (public-private partnership) listing rules, we have effectively diversified our product lineup for various types of offerings to take place in our market. We are also hoping that trading activity will pick up in the coming months," he added. (PNA)
Source: Philippines News Agency