The Philippine Stock Exchange (PSE) reported a 19.3 percent growth in net income to P242.38 million in the first quarter of 2024 from the P203.16 million earned in the same period last year.
In a disclosure, the bourse said its profit was higher due to the 206.99 percent improvement in other income to P120.17 million from P39.14 million mainly on account of higher interest income and mark-to-market gain on financial assets.
Revenues from operations decreased by 7.57 percent to P353.34 million from P382.29 million due to lower income generated from both service fees and listing related fees by 24.02 percent or P20.76 million and 21.65 percent or P31.70 million, respectively.
Cost and expenses (cost of services and administrative expenses) or total expenses, for the period ended March 31, 2024, amounted to P174.99 million, slightly higher by 1.32 percent from P172.71 million of the same period last year.
Of this total, 45.33 percent or P79.33 million represented cost of services consisting of expenses that are directly related to the operations of the Exchange such as compensation and other related staff costs, depreciation, office expenses, communications, and repairs and maintenance.
This amount was lower by 12.62 percent or P11.46 million from last year's P90.79 million.
Administrative expenses for the period amounting to P95.66 million was up by 16.78 percent or P13.74 million compared with last year's P81.92 million.
Other income of P120.17 million includes interest income with an increase of 21.30 percent or P8.58 million and huge increase in fair value of investments in financial assets by 3,383 percent or P58.31 million from last year's mark-to market loss of P1.72 million.
These assets consist of the PSE’s investment in equity funds and US dollar-denominated bonds which are being managed by professional fund managers under a purely discretionary mandate.