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MANILA, Philippines - The Philippine Stock Exchange (PSE) saw its first-quarter earnings climb more than half on the back of higher trading volumes.
In a statement, the PSE said its net income hit P144.08 million in the January to March period, or 58 percent higher than the P91.30 million in the same period last year.
Operating revenues grew 8.83 percent year-on-year to P222.96 million, led by a 31.39 percent increase in trading related fees to P62.28 million.
Average daily turnover value reached P7.84 billion in March, higher than the P5.08
billion in the same period last year.
Service fees increased 54.58 percent, but income from listing activity fell because of a lower volume of listings in the first three months of this year.
"The PSEi continues to be one of the top performing markets in Asia and we have seen a healthy increase in trading activity arising from this. The extension of trading hours into the afternoon at the start of the year has helped our market to accommodate this renewed interest from investors. We hope that revenues from listings will catch up as more companies have started to go to the stock market to raise capital," Hans B. Sicat, PSE president, said.
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