MANILA, (PNA) — The combined profits of listed companies rose 4.4 percent in the first semester of the year, propelled mainly by higher revenues of firms in the financials, property and holding firms sectors.
Earnings reached P275.5 billion in January to June from last year’s P263.79 billion.
Philippine Stock Exchange President and Chief Executive Officer Hans B. Sicat said profit increase of listed firms are in a single-digit range due partly to the absence of one-time gains.
Sicat also attributed this to foreign exchange losses incurred by 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,” he said.
The consolidated revenues of listed firms also rose nine percent to P2.46 trillion from P2.26 trillion.
The net income of PSE index members also grew 9.4 percent in the first half of the year.
The 30 companies comprising the PSEi accounted for 69.2 percent of the total market’s net profit.
The aggregate income of banks surged 61.7 percent in the January to June period, boosted by robust trading gains.
Issues in the property sector registered a 29.4-percent growth in net income due to higher real estate sales and rental income.
The mining and oil sector posted a 34.8-percent drop in its combined profit on lower earnings for most of the component companies and the suspension of some mining operations.