Despite the volatile market, the Philippine Stock Exchange (PSE) registered an 18 percent jump in net income for the first six months to P174.8 million, up 18 percent from P148.3 million in the same period last year.
It reported to the Securities and Exchange Commission (SEC) its revenues grew by 22 percent to P426.58 million from P350.56 million due to growth in listing-related income, trading-related as well as service fees.
Listing-related income registered P178.16 million, a 31 percent increase due to higher fees collected from follow-on listings. Trading-related fees were also higher by 22 percent to P96.04 million. Service fees generated by the Securities Clearing Corp. of the Philippines, a wholly-owned subsidiary of PSE, also increased to P118.18 million from P91.66 million due to higher trading volume.
The PSE index posted a new record high last Aug. 1 at 4,550.53. As of Aug. 12, the PSEi has gained 2.9 percent or 120.59 points year-to-date.
PSE president Hans Sicat said the bourse remains optimistic that efforts to boost liquidity and improve corporate governance in the stock market will continue to enhance not only the financial performance but the confidence of shareholders and investors in the Exchange.
Some of the companies that conducted listings and capital-raising activities as of June 30, 2011 are: Megawide Construction Corp. (IPO), San Miguel Pure Foods Co. Inc. Preferred Shares (follow-on), Sta. Lucia Land Inc. (share for property swap), Banco de Oro Unibank Inc. (placement), Metropolitan Bank & Trust Co. (stock rights), Robinsons Land Corp. (stock rights), San Miguel Corp. (follow-on), Trans-Asia Oil and Energy Development Corp. (stock rights), and Metro Pacific Investment Corp. (underlying common shares for convertible securities).
Operating expenses for the period were higher by 24 percent to P200.62 million largely due to expenses related to PSEtrade, the PSE’s new trading system, higher consultancy contracts on studies for the development of new products and higher taxes, to name a few. –Danessa O. Rivera, Daily Tribune
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of Forced Labour and Freedom of Association protocols.
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