Combined profit of listed companies shows decline

MANILA, Philippines—The combined net profits of companies listed on the Philippine Stock Exchange declined by 22.6 percent in the first quarter to P106.98 billion from a year ago due to lower earnings posted by the industrial, holding firms and services sectors.

In a report from the PSE based on data gathered from the first quarter 2011 financial statements of 228 out of 247 domestic listed firms, the financial performance of listed companies was mixed in the first quarter. Even as revenues generally increased, some sectors reported lower net profits.

For the top companies included on the main-share index PSEi, cumulative net profits fell by 26.3 percent in the first three months compared to a year ago. The combined net incomes of PSEi companies comprised 65.6 percent of the total market net income.

Consolidated revenues of all listed companies increased by 10 percent to P857.78 billion from P779.80 billion in the first three months of 2010, the PSE said in a study released on Tuesday.