The consolidated net income of listed companies dropped 10 percent in the first nine months of the year to P308.8 billion from P343.5 billion year-on-year due to the slowdown in global and domestic economies, data from the Philippine Stock Exchange show.
Combined revenues of listed companies, however, rose 15 percent to P2.78 trillion from P2.41 trillion on year, led by the strong performances of the financial, property and mining sectors.
The PSE fathered the data from the nine-month financial statements of 235 companies out of 248 listed in the exchange.
“While it’s good to note that revenues of our listed firms continue to improve, their net incomes had to contend with the challenges in the economy, such as rising production costs and lower-than-expected demand,” PSE president and chief executive Hans Sicat said.
“However, despite the uncertainties in the global landscape, particularly in the Eurozone and US, some key sectors have managed to post higher net income figures. This, together with the country’s sound fundamentals and exciting growth potential, continue to bolster interest in our listed companies,” he added.
He said investor confidence on the domestic economy has been reflected in the PSEi, which remains a top performer in Asia this year.
The financial sector’s collective income rose 17 percent to P53.1 billion during the nine-month period. Contributing to the growth was the increase in net interest income posted by Metropolitan Bank and Trust Co.
The property sector reported a combined income of P31.1 billion, up 19 percent year-on-year. A non-recurring gain from the sale of investment in available-for-sale shares boosted Megaworld Corp.’s net income by 63 percent while increased revenues from real estate sales through higher volumes of both residential units and commercial lots lifted the net incomes of Ayala Land Inc. and SM Development Corp.
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