The Philippine Stock Exchange which operates the country’s equities trading platform and owns the bonds exchange said its nine-month income increased 20 percent to P575.65 million from last year’s P480.07 million.
It cited higher investment income and mark-to-market gains on financial assets reaching P170.97 million from a loss of P23.16 million last year.
Operating revenue dropped 8 percent to P1.1 billion from last year’s P1.2 billion due to lower income generated from both listing and trading related fees.
Cost and expenses, which include administrative expense total P555.18 million, higher by P29.92 million or 5 percent from only P525.26 million last year.
Of the amount, around half represented cost of service consisting of expenses directly related to operating the bourse such as compensation and other staff cost, depreciation, office expenses, communications and repairs and maintenance.
This was higher by 12 percent or P31.71 million from last year’s P259.82 million. Administrative expense total P265.44 million, down P1.79 million from last year.
Listing-related fees fell 19 percent due to the 29 percent decline in initial listing fees. Such fees eased due to lower initial public offering (IPO) turnout of only three from last year’s eight.
As of September, IPOs only made up 4.7 percent of total capital raising activities, the PSE said. Capital raised from IPOs dropped 76 percent to P4.32 billion from last year’s P18.56 billion.
Capital raised from the platform thus far total P91.88 billion more than half of which came from follow-on offerings, 22 percent from private placements and 15 percent from stock rights offering.
The PSE said it has initiated efforts to drive new listings to boost volume in the market.
It also has 70 companies enrolled under a hand-holding program that connects prospective issuers with IPO advisers such as financial, legal and accounting preparatory to becoming public companies.“The PSE conducts one-on-one sessions with SMEs to discuss growth plans and listing roadmap,” it said.
