Stockbroker CTS Global Equity Group Inc. said its profit grew by 161.4 percent nine months into the year to P70.9 million from P43.93 million last year, despite the challenging market environment.
The stockbroker said the growth was driven by trading profits, interest incomeand tactical foreign exchange positions.
Revenues however dropped 45.8 percent to P58.4 million from P107.75 million, with gross margin down 19.8 percent.
“One of CTS’ main strategies for the year is to capitalize on the strong US dollar. This resulted in a foreign exchange gain of P93.2 million,” the company said.
CTS is one of the long-standing stockbrokerages firms in the country today. Established in 1986, the management team behind the company is comprised of veteran market professionals who have over 40 years of experience in dealing with the active trading of equities.
All brokers employed by the company are licensed under the Certified Securities Representative program of the Securities and Exchange Commission and currently, there are over 35 staff members divided into equity trading and research for multiple global markets including the US, China, Hong Kong, Indonesia, Japan and the Philippines. –Ruelle Castro
