Listed firms' profits rise 4.4 pct in first half
MANILA, Philippines - Listed companies reported a 4.4% increase in their combined profits in the first half of the year, according to data from the Philippine Stock Exchange (PSE).
In a statement, the PSE said combined profits of listed firms reached P275.5 billion in the first six months of 2013 from P263.79 billion a year ago.
Listed companies reported 9% higher consolidated revenues of P2.46 trillion.
"Profit increase of listed firms are in a single digit range due partly to the absence of one-time gains and forex losses in some companies in the Industrial and Holding Firms sectors. The economic growth prospects still persist and remain compelling. The income growth of companies should continue as we approach the tail-end of the year,” PSE President and CEO Hans B. Sicat said.
The net income of the 30 companies comprising the PSE index, jumped 9.4% in the January to June period. Their profits accounted for 69.2% of the total market’s net profit.
Banks' income surged 61.7% in the first half, boosted by robust trading gains. Property companies saw a 29.4% growth in net income due to higher real estate sales and rental income.
However, the mining and oil sector reported a 34.8% drop in combined profit, as most companies saw lower earnings and some companies saw their operations suspended.