CitisecOnline’s net income up due to PHL operations

Earnings of online stockbroker CitisecOnline.com Inc. for the first nine months of 2011 rose as a result of the good performance of its Philippine operations. In a statement given to the Philippine Stock Exchange on Thursday, CitisecOnline said its consolidated net income rose 53 percent to P288 million from P189 million for the same period a year ago. The increase in net income was due to a number of factors. Dino Bate, CitisecOnline president and chief executive, said these include “the rapid growth of our customer base and trading activities supported by the low interest rate environment and the resilience of the Philippine market amidst the developments in the US and Europe." During the nine-month period, revenues from the stockbroker's Philippine operations grew 138 percent to P420 million. Commission revenues went up by 148 percent to P253 million, owing to a bigger client base. As of end-September, the online stockbroker had 25,402 customers, more than double the number it had during the same period last year. Meanwhile, CitisecOnline's Hong Kong operations remained weak with nine-month revenues falling 41 percent to P93 million. The company said the Hong Kong market "continued to trend lower as concerns on the Chinese economy prevailed." "We continue to see a sustained growth in our business with the introduction of new products and services in the coming months as well as further enhancements to our online functionalities and customer service support," Bate said. Last May, CitisecOnline reported a 27 percent increase in net income for the first quarter of 2011. — CMA/KG/VS, GMA News