By Leslie D. Venzon
MANILA, June 25 (PNA) — The combined net income of companies listed at the Philippine Stock Exchange (PSE) surged by 13.9 percent in the first quarter mainly driven by significant profit gains in the property and services sectors.
Corporate profits reached Php158.28 billion from January to March from Php138.96 billion in the same period last year.
The consolidated revenues of listed firms rose slightly to Php1.58 trillion from Php1.55 trillion.
“We are optimistic that listed companies will be able to sustain their solid profit growth throughout 2015. This strong performance by corporate Philippines will remain to be one of the main drivers of stock market growth,” said PSE President and Chief Executive Officer Hans B. Sicat in a statement.
Five out of six sectors posted net income growths in the first quarter led by the property sector, which profits soared by 52.4 percent to Php27.42 billion.
On a revenue basis, four of the six sectors recorded higher revenues, again led by the property sector with a 22.4-percent increase.
The combined income of the property sector was boosted by higher real estate sales and leasing income as well as a non-recurring share sale gain for one property firm.
Significant profit growth from airline and telecommunications companies was the main contributors to the increase in consolidated profits of the services sector, which rose by 27.9 percent to Php25.57 billion.
The PSE index-members accounted for 70.4 percent of the total market net income, with its 30 constituents posting a combined profit of Php111.41 billion in the first quarter of 2015, up by 9.2 percent from the same period last year. (PNA)