By James A. Loyola
The Philippine Stock Exchange (PSE) reported a 30.83 percent jump in net income to ₱485.07 million for the first nine months of 2019 from the ₱370.75 million earned in the same period last year despite lower revenues.
In a disclosure, the bourse said its operating revenues were down by 8.64 percent at ₱909.08 million during the period under review from ₱995.06 million in the first nine months of 2018.
The PSE said this is due to the 22.08 percent (₱69.71 million) drop in trading-related fees and the 10.36 percent (₱43.72 million) decline in listing-related fees because of lower trading volumes and only one small initial public offering.
However, other income significantly went up by 253.55 percent to ₱201.92 million in the first three quarters of 2019 from ₱57.11 million in the comparative period last year as it had more investible funds from a recent stock offering.
Other income rose mainly due to ₱72.02 million higher interest income and ₱56.53 million higher fair value of the equity funds.
On the other hand, total expenses (cost of services and administrative expenses) decreased by 6.79 percent to to ₱531.28 million from ₱569.97 million in same period last year.
Of the ₱531.28-million expenses, 43.70 percent or ₱232.18 million represented cost of services consisting of expenses directly related to the operations of the Exchange such as compensation and other related staff costs, depreciation, office expenses, communications, and repairs and maintenance.
Said amount went up by 9.02 percent from last year’s ₱212.96 million primarily because of the increases in depreciation by 37.07 percent or ₱17.26 million and in repairs and maintenance by 4.20 percent or ₱3.79 million.
Administrative expenses of ₱299.11 million was 16.22 percent lower compared with last year’s ₱357.01 million mainly due to lower occupancy costs since the 2018 figure included rental for the Tektite Office until April 2018.