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PSE posts income of P47.3M in 2 months

- Zinnia B. Dela Peña () - March 22, 2005 - 12:00am
The Philippine Stock Exchange (PSE) reported a net income of P47.3 million in the first two months of the year, exceeding its profit for the whole of 2004 of P19.8 million.

Operating revenues grew 57 percent to P79.3 million, largely due to the listing of Manila Water Co. and SM Investments Corp., and increased daily value turnover.

The PSE recently declared a P5 cash dividend per share on top of the two earlier cash dividends amounting to P2 per share and P16 per share.

Last year, the PSE posted a net income of P19.76 million, up by 84 percent from the previous year’s P10.74 million. The increase was attributed to the reimposition of stock transaction fees early last year.

Operating revenues likewise grew 23.16 percent to P137.58 million, from P111.71 million a year earlier.

The exchange gained P18.23 million from the collection of stock transaction fees and P9.54 million from higher subscriptions to its computer trading system Maktrade as it reverted to the original practice of giving relief to only one terminal per trading participant.

Operating expenses, however, went up 29.08 percent to P203.73 million. The increase resulted principally from higher depreciation, trading technology and other computer and trading related expenses.

Non-operating income grew 62.31 percent to P102.07 million, mainly due to a more organized investment mix that took advantage of optimum yields and increase in funds due to private placements received from institutional investors for a total amount of P705.16 million.

The PSE has implemented a new organizational structure in line with efforts to promote good corporate governance. Among the changes include the strengthening of the Integrity Group through the creation of the Market Regulatory Office and Market Integrity Board.

INTEGRITY GROUP INVESTMENTS CORP MAKTRADE MANILA WATER CO MARKET REGULATORY OFFICE AND MARKET INTEGRITY BOARD MILLION OPERATING PER PHILIPPINE STOCK EXCHANGE YEAR
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