PSE gains from PDS shares; Q1 income up 5.1%
The Philippine Stock Exchange Inc. (PSE) has benefited from its gradual buyout of the country’s bond trading platform, resulting in a 5.1-percent growth in its first-quarter earnings.
In a statement on Friday, the operator of the local bourse said its net income during the period climbed to P254.67 million from P242.38 million a year ago.
This already takes into account gains from PSE’s increased shareholding in Philippine Dealing System Holdings Corp.
PDS operates the Philippine Dealing and Exchange Corp. (PDEx), Philippine Depository and Trust Corp. (PDTC) and Philippine Securities Settlement Corp.
By the end of March, PSE’s equity interest in PDS reached 79.9 percent from 20.98 percent previously. Year-to-date, it stands at 91.6 percent.
A surge in trading- and listing-related revenues boosted PSE’s overall top line by 82.7 percent to P645.49 million.
According to the PSE, trading-related revenues, which had ballooned by 83.8 percent to P222.6 million, got a boost from PDEx and PDTC.
Meanwhile, listing-related revenues swelled by 49.2 percent to P171.9 million. This was due mainly to additional listings and a higher cap on listing maintenance.
“The acquisition of PDS gives us another stable revenue source,” PSE president and CEO Ramon Monzon said. “But more than the consolidation of PDS numbers into PSE’s financial performance, this integration has always been intended to introduce synergies between the two exchanges to enhance the domestic capital market infrastructure.”
PSE in December signed its first agreements with PDS stockholders for their equity interest in latter.
