Listed firms see 13.6% rise in total Q2 profit

[SINGAPORE] The second quarter of 2014 was a decent one for Singapore-listed firms that have posted quarterly results, with a 13.6 per cent increase in combined profits to S$6.91 billion over the previous year.

Of the 161 firms that have released earnings, only 32 were in the red, while the other 129 turned a profit.

Market heavyweights fea-tured prominently among the firms with strong results for the quarter. All three local banks saw growth in profit, but OCBC Bank stood out with a 54.3 per cent gain in net profit to S$921 million. It beat analysts' expectations with a combination of strong earnings from its core business and its insurance arm, Great Eastern Holdings.