Citiseconline's profit nearly triples on renewed interest in stocks
11/12/2009 | 06:29 PM
Capitalizing on the global economic recovery, online brokerage firm CitisecOnline said earnings in the third quarter nearly tripled.
In a statement, COL said net income in the July to September period was up 190 percent to P71.4 million as revenues soared 142 percent to P125.6 million, “powered by a 194-percent jump in commission revenues from both its Hong Kong and Philippines operations to P04 million, and a 122-percent rise in interest income from margin accounts to P10 million."
Meanwhile for the nine-month period, COL’s bottomline saw a surge of 104 percent to P199.5 million as revenues increased 82 percent to P341 million.
“Our effort to empower the Filipino retail investor has paid off well as evidenced by our strong earnings performance…We are confident that this strategy will help us maintain our position as the #number one online stockbroker in the PSE," said Dino Bate, COL president. -GMANews.TV
In a statement, COL said net income in the July to September period was up 190 percent to P71.4 million as revenues soared 142 percent to P125.6 million, “powered by a 194-percent jump in commission revenues from both its Hong Kong and Philippines operations to P04 million, and a 122-percent rise in interest income from margin accounts to P10 million."
Meanwhile for the nine-month period, COL’s bottomline saw a surge of 104 percent to P199.5 million as revenues increased 82 percent to P341 million.
“Our effort to empower the Filipino retail investor has paid off well as evidenced by our strong earnings performance…We are confident that this strategy will help us maintain our position as the #number one online stockbroker in the PSE," said Dino Bate, COL president. -GMANews.TV
