Ayala more than doubles first half earnings to ₱37.8B
Conglomerate Ayala Corp. posted massive first half net income and revenue gains fuelled by the solid growth of its banking, telecommunications and real estate businesses as well as the divestment of some assets.
Profit grew twofold to P37.8 billion while equity earnings from business units, which include divestment gains from the merger of AC Education with iPeople and partial divestment of AC Energy’s thermal assets doubled to ₱41.7 billion.
“Our first-half results reflect the strength of our core holdings in real estate, banking, and telecommunications. This was complemented by the value realization initiatives in our energy business,” said Ayala president and COO Fernando Zobel de Ayala said.
Ayala Land reported a 12% growth in net income to ₱15.2 billion on robust growth performance of its commercial leasing as well as the sale of offices and commercial and industrial lots.
BPI saw its profit expand by 25% to P13.7 billion while Globe Telecom grew earnings by 21% to P12 billion.
Manila Water, on the other hand, suffered an 18% drop in earnings to P2.9 billion while AC Industrials incurred a P510 million net loss.