Listed firms' Jan-June profits grow 26%; mining down 28%
MANILA, Philippines - Companies listed in the Philippine Stock Exchange (PSE) earned a combined P271 billion from January to June, reflecting a 26.4% increase from P214.4 billion a year ago.
"The improved earnings data further support investor confidence in our market, which continues to rewrite record highs in various indicators such as index levels, market capitalization, trading activity and capital raising," PSE President and Chief Executive Officer Hans B. Sicat said in a statement on Monday, October 22.
The local exchange is considered one of the best performing in Asia and has hit several record highs as investors flocked to the Philippines.
Of the 5 sectors in the PSE, only mining & oil reflected a decline. The financial impact of the miners' lower production volumes came before the largest gold and copper producer Philex Mining Corp. stopped the commercial operations of its flagship Padcal mine in Benguet last August.
Below is the profit performance of the following sectors in the first half of 2012:
- Industrial sector, up 62.9%
- Financials sector, up 36.6% largely due to securities trading gains
- Holding Firms sector, up 25.9%
- Property sector, up 9.5% due to higher sales and rent revenues from newly opened malls
- Services sector, up 0.3%
- Mining & Oil sector, down 28.3% and the absence of one-time gains
Consolidated revenues increased 21% to P2.24 trillion from P1.85 trillion in the first half of 2011.
"We are optimistic that net income growth will be sustained for the third quarter as listed companies continue to realize profits from the positive local economic climate," Sicat said. - Rappler.com