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The Philippine Long Distance Company (PLDT) leads the list of top earners among the listed companies in 2008, followed by San Miguel Corporation (SMC), and SM Investments Corporation (SMIC).

In the financial statements submitted to the Philippine Stock Exchange (PSE), the three big conglomerates totaled P68 billion, which already accounts for 34 percent of the 233 listed companies which submitted financial statements.

Completing the list of top 5 among the listed companies are PLDT’s subsidiary, Pilipino Telephone Corp. (Piltel), and Globe Telecom, Inc. Together, the top 5’s combined profits accounted for 46 percent of the listed companies’ total profits for 2008.

The Top 5’s net profits for 2008 are accounted for as follows:
PLDT – P34.64 billion
SMC – P19.35 billion
SMIC – P14 billion
Piltel – P11.35 billion
Globe – P11.28 billion

233 companies out of the 46 listed in the PSE have submitted their financial statements. Data from these statements showed that the total net profit for 2008 fell 29.4 percent to P198.91, compared to combined profits of P281.54 billion of the listed firms in 2007.

Breaking down the 233 firms that reported their financial performance last year showed that 159 companies posted gains and 74 registered losses.

Topping the list of companies with the highest nominal gain is SMC with net income at P10.72 billion due to non-recurring gains from the sale of investments in KSA Realty Corporation and its 35 percent stake in the domestic and regional packaging businesses. The company’s earnings were boosted further by the income from the initial public offering of San Miguel Brewery, Inc. (SMB) and gains from the sale of its Quezon City property.

Meanwhile, PLDT’s net income in 2008 slipped 3.8 percent lower than 2007 due to foreign exchange losses, which revalued its foreign-denominated liabilities. Likewise, net losses registered by PLDT’s information communications and technology (ICT) business, as a result of an increase in ICT-related expenses and lower income tax benefits, dragged PLDT’s net income for the year.