Strong property, power operations buoy Ayala Corp.’s earnings
Ayala Corp. said its first semester net income grew nine percent to ?15.1 billion, largely driven by the solid contributions of its real estate and power generation businesses.
Equity earnings reached ?17.4 billion, up six percent year on year with Ayala Land and AC Energy contributing 17 percent and 64 percent, respectively, of the total.
“We are pleased with the overall strong performance of our businesses. The active portfolio management, new business initiatives, and financial discipline we employed in recent years? supported by a healthy domestic economy?continue to bolster Ayala?s growth trajectory,? Ayala president and COO Fernando Zobel de Ayala said.
Ayala Land sustained its growth trajectory, posting an 18 percent jump in first half earnings to ?11.5 billion on the continued expansion of its property development and commercial leasing businesses.