THE Philippine Stock Exchange, Inc. (PSE) saw its third-quarter net income rise by 53% to P242.23 million from P158.14 million last yr, driven by higher earnings from its investments.
The market operator’s revenue dropped by 11.1% to P320.6 million from P360.47 million a yr ago, the PSE said in a recent stock exchange disclosure.
Costs and expenses rose by 15.8% to P202.33 million.
For the primary nine months, the market operator grew its net income by 11.2% to P640.25 million from P575.65 million last yr, led by growth in other income.
Other income rose by 90.8% to P326.17 million as a consequence of higher fair value estimates of the corporate’s investments in equity funds and dollar-denominated bonds.
Revenue fell by 5.2% to P1.04 billion, while total expenses rose by 11.4% to P618.47 million.
PSE President Ramon S. Monzon said the market operator is optimistic that easing inflation and rates of interest will pave the best way for capital raising next yr.
He added that prime rates of interest and up to date market volatility have prompted corporations to opt out of their capital raising plans from the equities market in the previous few months.
“Given the remaining offerings within the pipeline, the variety of capital raising activities and the full amount raised in 2024 will certainly be lower year-on-year,” he said.
“We recognize the necessity to increase liquidity within the stock market. To this end, we’re constantly working to introduce various products to draw more investors. We also urge the federal government to pass capital market legislative reforms, including the bill that seeks to scale back stock transaction tax,” he added.
The PSE is targeting six initial public offerings and as much as P150 billion in capital raising next yr.
On Thursday, PSE shares fell by 0.56% or P1 to P178.70 per share. — Revin Mikhael D. Ochave
