THE Philippine Stock Exchange, Inc. (PSE) said its net profit tripled during the third quarter due to a one-off gain from the sale of its office space at Tektite Building in Ortigas Center, Pasig City.

In a regulatory filing, the PSE said its net income rose to P362.20 million during the July to September period from P112.01 million a year ago.

The PSE booked P252.62 million gain on sale of investment property, after it sold its office units and parking slots at the Tektite Building in August.

This helped offset a 7.7% drop in revenues to P291.17 million during the quarter.

For the nine-month period ending in September, PSE recorded a 46% increase in net income to P707.35 million from P484.71 million.

“Trading activity is slightly higher this year and we hope to see some more follow-on offerings in the fourth quarter,” PSE President and Chief Executive Officer Ramon S. Monzon said, pointing to the year-to-date net foreign buying at more than P50 billion and the main index PSEi’s rise to around 20%.

“We would like to keep this momentum going to the next year by launching more products and making our market more attractive to both foreign and local investors,” he added.

As of September, PSE’s operating revenues increased 8.8% to P953.7 million from P876.23 million, with listing-related fees accounting for the biggest component of operating revenues. These fees rose by 22% during the period.

Trading-related fees increased by 7.8%t while service fees from the Securities Clearing Corp. of the Philippines slipped by 0.3% after the decline in average daily trading volume. Total expenses dropped by 4.6%.

Shares in PSE closed 0.65% lower at P243 each on Friday. — Victor V. Saulon

RELATED ARTICLESMORE FROM AUTHOR