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?
|Big four banks||5%||-2%|
|Energy and utilities||127%||6%|
|Materials and transport||92%||-2%|
|Consumer staples||$8bn (from $0 previous year)||3%|