Listed PH firms earn 23% more in Q1
MANILA, Philippines - Profits of companies listed in the Philippine Stock Exchange (PSE) grew 23.3% in the 1st quarter on the back of stellar performances of the retail sector, banks, construction, infrastructure and the media.
In a statement on Monday, June 24, the PSE said combined earnings grew to P163.42 billion in the quarter in 2013 from P132.54 billion, reflecting a 16.6% growth a year ago.
Total revenues grew by 15.4% to P1.21 trillion in the same period from P1.05 trillion a year ago.
“The phenomenal income performance of listed companies has been the main driver of the stock market’s growth this year while also providing a firm basis for investor optimism on the prospects for listed companies moving forward," PSE president and CEO Hans B. Sicat explained.
"More importantly, we believe that expansion of this magnitude should have contributed in a big way to the impressive growth rate of the economy so far this year,” he added.
Below was the net income performance of the following sectors:
- Retail: up 98.1% due to robust sales revenues and additional income provided by new store openings and acquisitions.
- Banks: up 97.3% due to gains from securities trading and interest income surged.
- Construction, infrastructure and allied services: up 70% as companies took on more infrastructure projects.
- Media: up 56.6% due to the advertising revenues boost from the May national elections
- Holding Firms: up 37.8%
- Property: up 24.9%
- Industrial: down 10.4% due to lower incomes from power companies
- Services: down 11% due to higher costs and operating expenses
- Mining & Oil: down 32.6% due to declining global nickel prices and suspension of some mining operations