Companies’ profits continue to grow at double digits after the explosive recovery after the pandemic despite the fact that there is already a decline in their income and, above all, that activities such as industry and hospitality have sharply reduced their profits.
According to the latest data from the Bank of Spain’s central balance sheet, the ordinary net profit of companies increased by 17% in the first half of the year compared to the same period of the previous year, in which the progression had been much greater, 101%. %.
However, there is already a strong decline in the benefits of key activities such as industry or, on the other hand, commerce and hospitality. If the first earned 55% less in the semester, the second registered a drop of 31%.
The Bank of Spain indicates that these two setbacks respond above all to the “negative behavior of some large companies” belonging to the oil refining industry and, in the case of commerce and hospitality, to the fuel marketing activity.
The improvement in profit contrasts with a decline in income. If companies have earned more money, it has not only been due to their ability to cut costs, but also due to the increase in financial income, of 21.7%, and a 12.8% improvement in their gross added value.
Revenues fell 7.6% in the semester, compared to an increase of 46% in the same period of the previous year. The fall is mainly due to the 20.8% decrease in the billing of energy companies, compared to the 92% increase a year earlier.
The industry, commerce and hospitality sectors also experienced falls in their aggregate turnover, according to statistics from the Bank of Spain.
