The Philippine Stock Exchange (PSE) said its income slid by 7 percent in the first half of the year, pulled lower mainly by lackluster performance of other sources of income.
The PSE added its income reached P345.15 million for the six months of the year ending June, down from P372.69 million last year.
Operating revenues surged 18 percent to P662.52 million, from last year’s P560.8 million.
The operator of the equities market said higher revenues was due to higher listing-related fees that surged 37 percent and trading-related fees by 12 percent as a result of higher trading volume to P994 billion, from last year’s P932 billion.
Listing-related fees surged P174.99 million from last year’s P99.38 million.
“The fees were earned from three initial public offerings and 12 additional or follow-on listings with higher aggregate value compared with last year’s one IPO [initial public offering], 14 additional or follow-on listings and one delisting,” the PSE said in a report.
Listing-related fees constituted 45 percent of operating revenues, while trading-related fees account for about a quarter of its revenues.
Other revenues, however, went down by half to P77.54 million, from P156.41 million last year after a donation of P 57.71 million in 2016, the PSE added.
Total expenses for the period rose 11 percent to P301.21 million, from P271.66 million in the same period last year.
Some 43 percent of the expenses were spent on cost of services consisting of expenses directly related to the core operations of the Exchange. These expenses included compensation and other related staff costs, depreciation, office expense, communications and repairs and maintenance, the PSE said.
The PSE added expense item was higher by 16 percent from the previous year, primarily because of the P13.16-million and P3.42-million increase in compensation and other related staff costs and repairs and maintenance, respectively.
Administrative expenses of P169.31 million were likewise higher by 7 percent or P11.02 million compared to last year’s P158.29 million.
“The major components of total expenses, aggregating 90.59 percent, were as follows: compensation and other related staff costs at 45.43 percent; depreciation at 14.66 percent; repairs and maintenance at 13.25 percent; occupancy costs at 8.99 percent; and professional fees at 8.26 percent,” the PSE said.
Image credits: Nonie Reyes