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ASX top 50 almost double yearly profits

ASX top 50 almost double yearly profits

A new report from KPMG looks at the performance of the top 50 companies on the ASX last financial year, showing a big boost for mining companies.

The top 50 companies on the ASX increased profits from a combined $61.3bn to $120.8bn in the 2017 financial year, according to a new report from KPMG.

The mining sector drove a significant portion of this, with an increase in profits of $27.7bn.

“The miners reported their lowest annual impairment charges since 2011 - as a recovery in commodity prices appears to have reduced the valuation pressure on mining projects. Impairment charges for the 12 months to 30 June 2017 of $1.1 billion were significantly lower than the $15.8 billion in the comparative period,” said KPMG.

Despite the increase in profits and revenues overall, the report found that it was a mixed year for the ASX50. Revenue increased for only 63% of the ASX50 companies.

How did the sectors perform?

Sector Profit Revenue
Big four banks 5% -2%
Miners 426% 13%
Energy and utilities 127% 6%
Property 13% 5%
Insurance -19% 5%
Materials and transport 92% -2%
Consumer staples $8bn (from $0 previous year) 3%
Others 3% -1%

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