The consolidated net income of all listed firms grew to P275.5 billion during the first half of the year, the Philippine Stock Exchange said on Thursday.
In a statement, the local bourse reported that the profit of listed firms rose 4.4 percent for the first six months of 2013 to P275.5 billion from last year’s P263.79 billion as companies in the financials, property and holding firms sectors registered growth.
Also, the combined revenues of the publicly listed companies increased 9 percent year-on-year to 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 [foreign exchange]losses in some companies in the industrial and holding firms sectors,” said Hans Sicat, PSE president and chief executive officer.
“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 further said.
Specifically, the net income of Philippine Stock Exchange index members grew 9.4 percent in the first half of the year, with the 30 companies that comprised the PSEi accounting 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, while 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, on the other hand, 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.