Home Top News PSE sees 19.3% increase in first-quarter net income

PSE sees 19.3% increase in first-quarter net income

0 comment

THE PHILIPPINE Stock Exchange, Inc. (PSE) recorded a 19.3% increase in its first-quarter net income to P242.38 million, driven by financial asset gains and higher interest income.

“The higher earnings result was mainly due to the 207% improvement in other income to P120.17 million, on account of higher interest income and mark-to-market gain on financial assets at fair value through profit or loss,” PSE said in a statement.

First-quarter revenue dropped by 7.6% to P353.34 million from P382.29 million as trading-related revenue composed of service, transaction, and block sale fees declined by 24% to P102.43 million.

Listing-related fees also fell by 21.6% to P114.72 million while total expenses rose by 1.3% to P174.99 million.

During the quarter, the market operator was able to raise P4.89 billion worth of capital from two follow-on offerings and one private placement.

Daily average value turnover was down by 1.1% year-to-date to P6.03 billion at the end of the quarter.

“The PSE index (PSEi) broke past the 7,000 mark intraday several times in the last quarter but failed to hold on to this key level due to persistent concerns on inflation, depreciation of the peso and geopolitical tensions abroad,” PSE President and Chief Executive Officer Ramon S. Monzon said.

“Despite the uncertainties these headwinds continue to bring to the market, PSE will carry out liquidity-boosting initiatives in line with its strategy of growing its pool of listed companies and investors and introducing more products and services,” he added.

The 2024 initial public offering (IPOs) calendar started with the listing of OcenaGold (Philippines), Inc. on May 13. It will be followed by the stock market debut of Citicore Renewable Energy Corp. in June. The PSE is eyeing to have six IPOs this year.

On Friday, the PSEi went down by 0.14% or 9.51 points to finish at 6,618.69 while the broader all shares index fell by 0.01% or 0.37% to end at 3,524.15.

PSE shares were last traded on May 17 at P199 apiece. — Revin Mikhael D. Ochave

Related Posts

Leave a Comment