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Manila Bulletin devider Business devider The Stock Market devider PSE grows profit despite lower revenues

PSE grows profit despite lower revenues

Published Aug 6, 2023 08:24 am

The Philippine Stock Exchange (PSE) reported an 11.6 percent improvement in net income for the first half of 2023 to P417.51 million compared to the same period last year on higher investment income.

In a statement, the bourse said its operating revenues were lower by 12.9 percent to P740.09 million from the P849.24 million recorded in the first half of 2022.

“The dip was due to a 20.8 percent and 6.3 percent decline in listing and trading related fees, respectively,” said the PSE.

Fund raising from the sale of primary and secondary shares slowed in the first six months with only P36.99 billion worth of capital raised from P61.92 billion in the same period last year.

From January to June 2023, there were two initial public offerings (IPOs), two follow-on offerings (FOOs), three stock rights offerings (SROs), and six private placements (PPs). In the first half of 2022, the PSE had eight IPOs, one SRO and four PPs.

Ramon S. Monzon.jpeg

PSE President and CEO Ramon S. Monzon

“The capital raising pipeline in the first half was not as robust as expected. There are offerings targeted in the next two months and hopefully, there will be additional IPOs before the year ends,” said PSE President and CEO Ramon S. Monzon.

As of end-June 2023, daily average value turnover slipped by 4.4 percent year-to-date to P6.98 billion. In terms of foreign transactions, the stock market registered a net foreign selling of P25.43 billion.

Costs were effectively managed as total expenses only increased by five percent to P380.50 million.

PSE’s wholly-owned subsidiary, the Securities Clearing Corporation of the Philippines (SCCP) is targeting to migrate to the shortened settlement cycle of T+2 from the current T+3 settlement cycle on Aug. 24, 2023.

SCCP is currently doing pre-launch activities with the relevant market participants to ensure a smooth transition to the new settlement cycle.

The shift to the shortened settlement cycle follows SCCP’s implementation of a new clearing and settlement system in March 2023. The system was provided by LSEG Technology, a subsidiary of the London Stock Exchange Group.

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Ramon S. Monzon Philippine Stock Exchange (PSE)
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