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MANILA - The combined net profit of companies listed in the Philippine Stock Exchange grew by nearly a fourth in the first three months of this year.
In a statement, the PSE said the collective income of firms increased to P134.66 billion in the January to March period from P108.60 billion in the same three-month period last year, anchored on the better contributions of the financials, industrial, property and holding firms counters.
Consolidated revenues of listed companies increased by 18.9 percent to P1.02 trillion from P858.34 billion in 2011.
“The robust first quarter results of listed companies validate the impressive performance our market has had so far, highlighted by the PSEi rewriting record highs 19 times already this year. This also underscores the fundamental soundness of our companies, which add to their potential for consistent future performance,” said Hans Sicat, PSE president and chief executive officer.
The financial sector emerged as the top performer during the period, registering a 73.2 percent rise in profit on the back of higher securities trading gains.
Non-recurring gains and improved contributions from subsidiaries lifted the consolidated profits of companies in the industrial sector by 31.9 percent.
Stronger real estate sales raised the combined net income of firms in the property sector by 25.1 percent.
Companies in the holding firms sector posted a 22.7 percent increase in their collective net income due mainly to dividend earnings and better contributions of their subsidiaries and associates.
Earnings of firms in the mining and oil sector fell by 25.7 percent in the absence of extraordinary gains from debt settlements.
The income of those in the services sector slipped by 8.2 percent dragged by the absence of nonrecurring gains and higher costs of sales and operating expenses.
Five of the six sectors registered higher revenues led by the financials counter again with a 26.6 percent advance.
“With the stable macro economy supporting a thriving business environment, our local market is poised to continue its upward trajectory. And despite concerns in the global landscape, particularly the long-running debt saga in Europe and worries over an economic slowdown in China, we enter the second half with considerable optimism that we can sustain this exciting pace,” Sicat said.
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