PSE income up 11.2% on higher investment yields
The Philippine Stock Exchange Inc. (PSE), the operator of the local stock market, reported an 11.2-percent jump in nine-month earnings to P640.25 million on higher returns from investments.
Other income surged by 90.8 percent to P326.17 million due to “higher fair value estimates” of PSE’s investments in equity funds and US dollar-denominated bonds, the company said in a statement.
This, despite a 5.2-percent drop in operating revenues to P1.04 billion as listing- and trading-related revenues went down.
Total expenses
Total expenses rose by 11.4 percent to P618.47 million.
“High interest rates prompted companies to opt out of raising capital from the equities market in the last few months, and, more recently, the market’s volatility,” PSE president and CEO Ramon Monzon said, adding that they expected total capital raised to be “definitely lower” this year.
The bourse has seen three companies go public this year: OceanaGold Philippines Inc., which raised P6.03 billion in May; Citicore Renewable Energy Corp., P5.3 billion in June; and NexGen Energy Corp., P529 million in July, for a total equity deal of P11.86 billion.
Target listings
This is way below the PSE’s target of six listings this year worth P40 billion.
Cebu-based fuel retailer Top Line Development Corp. was supposed to raise P3.16 billion from its initial public offering (IPO) originally scheduled this month, but the company had opted to move its debut to the first quarter of 2025 to accommodate potential institutional investors.
