The Philippine Stock Exchange reported an 18 per cent net income increase in 2017 while listed mass housing developer 8990 Holdings is allocating about $1.1 billion this year to expand its real estate portfolio.
Philippine Stock Exchange reports $16m net income in 2017
The Philippine Stock Exchange (PSE) posted a net income of Php825 million ($16 million) for the full-year 2017, an increase of 18 per cent from the Php702 million it generated in 2016, according to the unaudited consolidated financial statement posted on its website.
Operating revenues and other income in 2017 increased by 10 per cent to Php1.63 billion from Php1.48 billion the previous year. Revenues were buoyed by higher trading activity, stronger market data income and the gain on sale of PSE’s Tektite Office.
“The exchange’s successful execution of its major initiatives in 2017 resulted in this positive financial performance of the company. The new products and services that were introduced provided more mechanisms for capital raising and supported our thrust of expanding the retail investor base,” PSE President and CEO Ramon S. Monzon explained.
For 2017, average daily turnover increased by more than 3 per cent to Php8.06 billion compared to Php7.81 billion in 2016. Subscription fees and market data income, on the other hand, increased by 26 per cent as a result of more investors using the online trading service of the exchange and the successful introduction of new data products, the PSE said
Developer 8990 Holdings to expand real estate portfolio with $1.1b investment
Listed mass housing developer 8990 Holdings is expanding its geographically diversified real estate portfolio with a Php60 billion ($1.1 billion) investment across the Philippines this year.
In a disclosure to the PSE on Tuesday, 8990 Holdings President & CEO Will J. Uy said the company plans to launch five developments, including large-scale projects, this year worth Php60 billion.
The affordable housing developer also disclosed that it hit its 2017 full-year revenue target of Php10 billion on the back of a strong fourth quarter performance.
Last year, the company delivered a total of 7,346 homes, with Luzon delivering 54 percent of the total units. Visayas and Mindanao accounted for 34 percent and 12 percent, respectively, of the total units delivered.
Uy said the Php60-billion investment this year will make 8990 poised to capture the Metro Manila affordable housing market.