The Philippine Stock Exchange (PSE) reported a 27.6-percent growth in consolidated net income to ₱508.03 million in the first six months of 2025 from ₱398.02 million in the same period last year due to the increase in its stake in Philippine Dealing System Holdings Corp. (PDSHC or PDS Group).

Operating revenues grew significantly by 81.72 percent to ₱1.31 billion from ₱722.75 million, but this growth was partly reduced by a 69.84-percent rise in total costs and expenses, as well as a 49.44-percent decline in other income.

The drop in other income is primarily due to accrued interest expense on term loans and foreign exchange (forex) translation losses on United States (US) dollar-denominated financial assets attributable to the depreciation of the US dollar.

The increase in operating revenues was primarily driven by a 101.4-percent surge in trading-related fees and a 12.62-percent rise in listing-related fees.

Trading-related fees rose by ₱213.34 million, largely due to transaction fees from the subsidiaries of PDSHC—Philippine Dealing & Exchange Corp. (PDEx) and Philippine Depository & Trust Corp. (PDTC)—along with a 10.98-percent or ₱12.31-million increase in market data revenues.

The growth in listing-related revenues was on account of a 42.42-percent or ₱53.36-million higher listing maintenance fees, partially offset by a 10.08-percent or ₱16.64-million lower listing fees.

Notably, depository securities account fees from PDTC contributed ₱282.38 million to overall revenue growth.

For the period ended June 30, 2025, total expenses—including cost of services and administrative expenses—amounted to ₱706.77 million from ₱416.13 million in the same period last year.

Cost of services accounted for 59.33 percent of total expenses or ₱419.33 million, representing expenses directly related to the group’s operations such as compensation and other related staff costs, repairs and maintenance, depreciation, professional fees, and taxes and licenses.

This was higher by 104.29 percent from the ₱205.26 million in the prior year. Administrative expenses reached ₱287.44 million, up by 36.31 percent from ₱210.87 million last year.

Other income declined by 49.44 percent or ₱80.08 million, primarily due to forex translation losses of ₱33.2 million on US dollar-denominated financial assets and a ₱25.81-million increase in interest expense, largely due to accrued interest on the ₱900-million term loan.

In the same period last year, the group recorded a 20.98-percent share in the net income of PDSHC as an associate, amounting to ₱39.4 million. Following the acquisition of additional interests, the group no longer records equity income from PDSHC.

Such declines were partially offset by improvement in fair value of investments in financial assets by 408.66 percent or ₱10.52 million, from a mark-to-market loss of ₱2.57 million last year to a ₱7.95-million mark-to-market gain this period.

Additionally, interest income and dividend income increased by ₱4.85 million and ₱3.03 million, respectively.