The Philippine Stock Exchange Inc. said Friday it posted a net income of P701.54 million in 2016 three percent higher than P682/61 million in 2015.

The increase was driven by a four percent growth in operating revenues to P1.26 billion from P1.21 billion in 2015, the company said in a statement.

“Our revenues were affected by volatile markets as it kept our trading-related income muted. But the decline in this revenue segment was more than offset by the multiple offerings we had which picked up in the second half of 2016,” said PSE president and chief operating officer Hans Sicat.

“This year, we believe we would have a healthy IPO and secondary offerings which could support the growth of listing-related revenues,” said Sicat.

Operating expenses declined 1.5 percent to P592.60 million from P601.91 million in 2015.

Listing-related income, which makes up for 44.2 percent of operating revenues, rose 15.6 percent from four initial public offerings (IPOs) and 39 additional or follow-on listings.

Trading-related income dipped by 2.2 percent as total value turnover went down 10.3 percent in 2016 to P1.93 trillion. Service fees from Securities Clearing Corp of the Philippines also grew 10 percent. Revenue from data feed went up 12.5 percent as the number of market data subscribers and income from subscription increased. DMS