AYALA Corp. on Thursday said its net income last year rose by 20 percent to more than P22 billion, surpassing its self-imposed target a year earlier than expected driven by its property, telecommunications and power generation businesses.
In a statement, the company said net income in 2015 stood at P22.3 billion compared to the P18.61 billion recorded in 2014.
“We achieved a number of milestones as a group in the past year, with most of our major businesses continuing to perform well,” said Ayala Corp. President and Chief Operating Officer Fernando Zobel de Ayala.
For this year, the company has programmed a capital expenditure of P174 billion at the group level, down from last year’s P187 billion. Bulk of the capex will go to its property development and telecom business upgrade.
At the parent level, it earmarked P22.4 billion in capex for its power generation projects which are already in the pipeline.
Excluding capital gains primarily from the partial sale of AC Energy’s stake in North Luzon Renewable Energy Corp. in 2015 and from the divestment of Stream Global Services in the previous year, Ayala’s net earnings have in fact grown 24 percent year-on-year.
Equity earnings contribution from Ayala’s units reached P28 billion, a 13 percent increase from the previous year.
At the group level, Ayala’s consolidated revenues, which include the combined revenues of its subsidiaries and its share in earnings from associates, surpassed the P200 billion-mark, up y 11 percent from the P184.27 billion posted in 2014.
“In 2015, we strengthened our growing portfolio of power and infrastructure investments, with various projects coming to fruition. In addition, we increased our investments in social infrastructure as we entered the healthcare space and deepened our presence in education,” Zobel said.
In its transport infrastructure business, it opened the Muntinlupa-Cavite Expressway, launched the Beep ticketing system, and took over the operations and management of LRT1, Zobel said.
Ayala Land’s net income in 2015 reached P17.6 billion, 19 percent higher year-on-year.
Globe Telecom Inc., the country’s second largest mobile phone operator, said its net income surged 23 percent to P16.5 billion, recovering from its dismal performance during the prior year.
Bank of the Philippine Islands reported net income of P18.2 billion in 2015, up by a percent, as the bank’s core lending business continued to drive growth, reducing reliance in securities trading.
Manila Water, the concessionaire for the East Zone of Metro Manila, posted a 2 percent growth in net income to P6 billion. Revenues rose 4 percent to P16.9 billion backed by a 2 percent growth in billed volume.
Integrated Micro-Electronics Inc., meanwhile, reported a flat net income of $28.8 million (or P1.3 billion) amid volatility in the foreign currency markets and weakness in China’s economy, one of its largest markets.
AC Energy Holdings recorded net income of P2.1 billion during the year as its power generation assets came online and achieved more efficient operating levels.
The company currently has about 600 megawatts of attributable capacity across conventional and renewable platforms, and expects this capacity to reach close to 1,000 MW within the year the moment the first phase of its 660 MW GN Power plant in Dinginin, Bataan reaches financial close.