PSE profit up 2.7%; listing fees surge 19% in 2014

The Philippine Stock Exchange (PSE) reported its 2014 net income grew by 2.7 percent to P867.55 million from P844.77 million a year ago.

Total revenues, including operating revenues and other income, went up by 4.1 percent to P1.71 billion.

Listing-related income, which made up 53.7 percent of operating revenues, rose by 13.1 percent on-year to P816.36 million.

Listing fees from initial public offerings (IPOs), listings by way of introduction, share swaps, and additional listings grew by 19.2 percent to P590.27 million.

Gains in listing-related income were offset however, by lower trading-related fees, which registered a 5.5 percent decline to P299.26 million.

Transaction fees decreased as average daily turnover in 2014 slowed down by 16.3 percent to P8.80 billion from P10.52 billion in 2013.

Muted trading activity also affected the service fees from the Securities Clearing Corporation of the Philippines (SCCP).

SCCP service fees, which accounted for 25.0 percent of PSE’s total revenues, were down by 16.3 percent to P380.38 million.

Income from subscription fee rose by 28.8 percent to P25.04 million while data feed income increased by 8.3 percent to P61.21 million from the previous year.

“We saw trading activity taper off last year from 2013 which neutralized gains from listings. Moving forward, however, we are hopeful that the brisk trading activity we have seen since the start of the year together with the projects that will be undertaken by the PSE in 2015, will help push the financial growth of the company,” PSE president and CEO Hans Sicat said.

As of February 25, daily average turnover is up by 81.4 percent to P11.54 billion compared to the same period last year.

In 2014, total expenses amounted to P592.16 million, up by 12.0 percent.

The PSE is among the best performing markets in the region. On February 25, 2015, the PSEi closed at a record high of 7,844.06, up by 8.5 percent year-to-date.