THE combined net profit of all 298 companies listed on the Philippine Stock Exchange (PSE) reached P311.57 billion in the first six months of the year, up 10.8 percent from a year earlier, bourse records show.
In a statement emailed to the media on Tuesday, the PSE said total revenues grew 28.8 percent to P3.27 trillion from P2.54 trillion during the same period.
“Growth in revenues and net income support the valuations that investors have been placing in our market. What the numbers essentially show is that the rise in our index is driven by strong fundamentals among our listed companies,” PSE President and Chief Executive Officer Hans B. Sicat said.
“The Asean integration will require that our companies be competitive both on the local front and regionally as well. We hope that fortified operations domestically and the additional revenue streams from ventures overseas will help make our companies more profitable,” he added.
The combined net profits of the top 50 companies within the benchmark stock index also registered a 9.9-percent increase to P221.48 billion, which accounted for 71.1 percent of the total market’s income.
Of the six sectoral indices, only the consolidated net income of firms under the Financials index retreated due to the absence of extraordinary gains. Consolidated net income of firms under Financials index was down 34.5 percent to P48.184 billion from P73.568 billion during the same period last year.
The consolidated net profits of the other sectors are as follows: firms under Financials surged 43.3-percent to P46.61 billion; Property firms’ consolidated net income was up 35.1 percent; Mining and Oil, up 31.5 percent; Holding Firms, up 22.7 percent; and Industrial, up 16.8 percent.
To date, a total of 298 firms are listed in the local stock exchange.
KRISTYN NIKA M. LAZO