MANILA, Philippines – Listed companies saw strong growth in terms of revenues and profits in the first half as most businesses benefited from strong economic fundamentals so far this year, a Philippine Stock Exchange (PSE) statement over the weekend showed.

The PSE said that combined net incomes of companies in the six months through June grew by 26.4 percent to P271.02 billion from P214.40 billion in the previous year due to the better performance showed by the industrial, financials, holding-firms, property and services sub-sectors.

The mining and oil sub-sector, however, declined 28.3 percent in terms of earnings due to lower production volumes and the absence of one-time gains.

Meanwhile, consolidated revenues of listed companies increased by 21 percent to P2.24 trillion from P1.85 trillion in the first half of 2011, the PSE said.

“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,” PSE President Hans Sicat said in the statement.

“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,” he added.

Five out of six sectors recorded positive net income growths during the first half of 2012 led by the industrial sector, which surged by 62.9 percent, the PSE said. On a revenue basis, all the sectors registered higher revenues, with the industrial sector again leading the way with a 24.4-percent jump.

The industrial sector benefited from one-time gains as well as increased equity in net earnings of associates.

Securities-trading gains were the drivers for the 36.6-percent net income increase in the financials sector.

Combined profits of the holding-firms sector rose 25.9 percent due to improved income contributions of subsidiaries and associates.

Consolidated income of the property sector climbed 9.5 percent as a result of increased real-estate sales and improved rent revenues from newly opened malls.

Non-recurring gains and improved volumes contributed to an increase in the services sector’s combined income. This, however, was tempered by higher expenses due to higher costs of sales and operating expenses. As a result, the combined income of the services sector inched up by only 0.3 percent, the PSE said.