MANILA, Philippines - Corporate earnings surged by 18 percent from January to September 2012, the Philippine Stock Exchange reported on Wednesday.
The local bourse said profits of listed companies grew by 17.9 percent to P377.12 billion from the P319.97 billion recorded in the first nine months of 2011.
The figures came from a study from Oct. 1 to Dec. 14 which covered 229 out of 252 listed companies last year, PSE said.
"Corporate earnings continue to be strong in 2012. The growth in nearly all sectors has also demonstrated the strength of the Philippine economy which, barring any negative circumstances, should continue to support expansion next year," PSE President and Chief Executive Officer Hans B. Sicat said.
PSE also reported a 20.1-percent growth in firms' consolidated revenues, hitting P3.29 trillion from the P2.74 trillion posted in the first three quarters of 2011.
"We've seen positive income growth from listed firms for the last three quarters. Companies have been positioning themselves to take advantage of the burgeoning economy, which should enable them to create more profits. The Exchange, for its part, continues to encourage companies in utilizing the market to raise capital and fund their expansionary activities," Sicat said.