According to a study carried out by the Local stock exchange (PSE), the listed Philippine companies saw their net profits grow 24% on average in the first quarter of the year from 108,6 billion Philippine pesos (€2,05 billion) a year ago to 134,66 billion (€2,5 billion ).
The study also reveals that the 254 companies present on the financial market achieved a consolidated turnover of 1,02 trillion pesos, compared to 858,34 billion in the same period of 2011. The financial sector would have stood out in particular, thanks above all to the performance of most of the banks which maintain good prospects for the whole of 2012. “The excellent results of the quarter – said Hans Sicat , president and chief executive of PSE – validate the excellent performance of our main index which has already reached 19 highs this year. They also underline the excellent fundamentals of our companies which will continue to do well in the future”.
Highlights include Bank of the Philippine Islands which doubled net income to $5,8 billion, marking the best quarter in the institution's history; Metropolitan Bank and Trust which saw profits grow by 40% to 4,3 billion pesos; and Banco de Oro Unibank (+15% to 2,8 billion).
http://business.inquirer.net/68553/listed-firms-post-24-jump-in-profits
