CTS GLOBAL Equity Group, Inc. on Tuesday reported that its net income fell by 57% to P20.1 million in 2021 from P46.9 million the previous year.
The company’s annual report showed its revenues dropped by 24% to P130.6 million from P172.3 million in 2020.
Meanwhile, operating expenses grew to P31.9 million last year from P30.8 million.
The investment firm made its market debut on April 13, selling 1.375 billion primary common shares during its initial public offering (IPO).
It tapped SB Capital Investment Corp. as the issue manager, underwriter, and bookrunner of the offer.
The company said proceeds from the IPO will be used to improve its trading operations.
CTS Global was the fifth company that conducted an IPO this year and the second to list on the small, medium and emerging (SME) board of the stock exchange since the start of 2022.
“For the past decade, the company maintained its capital stock at P200 million, only raising it to P500 million in the last quarter of 2019 and an additional P50 million in 2020,” CTS Global said in a past statement.
CTS Global’s business segments include proprietary trading, brokerage services, and investment income.
Under proprietary trading, CTS has over 30 traders with exposure in global markets including the United States, China, Hong Kong, Japan, and the Philippines.
Under its brokerage services, the company renders stock brokerage and dealership services.
CTS Global is currently a standalone entity, but the company has said that it is “open to the possibility of incorporating subsidiaries in the future.”
At the stock exchange on Tuesday, CTS Global shares went down by 10 centavos or 9.26% to close at P0.98 per share. — Luisa Maria Jacinta C. Jocson