Public firms' earnings jump 18% in Jan-Sept
MANILA, Philippines - Publicly listed firms saw their earnings rise by 18% in January to September 2012 from the year before, thanks to a robust local economy.
The firms' combined net income reached P377.12 billiion during the period, against P319.97 billion in 2011, said the Philippine Stock Exchange (PSE), citing data from the financial statements of 229 of 252 listed companies.
"We’ve seen positive income growth from listed firms for the last 3 quarters. Companies have been positioning themselves to take advantage of the burgeoning economy, which should enable them to create more profits," said PSE President and CEO Hans Sicat.
The PSE said growth was seen in "nearly all sectors."
Five out of 6 sectors enjoyed positive net income growths, led by the industrial sector, whose total earnings soared 52.1%.
The financials sector enjoyed an annual net income increase of 26.6%, while the combined income of holding firms sector rose by 22.1%. The property sector's consolidated income grew 16.1%, while that of the services sector went up 4.5%.
Bucking the uptrend was the mining sector, which suffered a 57.7% drop in aggregate income due to suspended mining operations and lower nickel prices.
The PSE "continues to encourage companies in utilizing the market to raise capital and fund their expansionary activities," said Sicat. - Rappler.com