CONGLOMERATE Ayala Corp. (AC) said Friday its net income in the first nine months increased 11 percent from a year ago to P19.6 billion on sustained growth in its banking, property, water and automotive segments.
It said equity earnings contribution across its business units increased 10 percent to P23.6 billion on the solid performances of banking arm Bank of the Philippine Islands (BPI), property unit Ayala Land Inc. and Ayala Automotive.
ALI saw net income rise by 17 percent to P15.1 billion, while BPI’s net profit climbed 26 percent to P17.4 billion. Ayala Automotive nearly tripled its net income to P492 million on strong vehicle sales.
However, semiconductor unit Integrated Micro-Electronics Inc. (IMI) saw profits fall 5 percent to $20.8 million (P977 million) on higher depreciation expenses and weaker Chinese operations.
Manila Water Company Inc. grew its profit by 6 percent to P4.9 billion while telecom business Globe Telecom Inc. saw net income fall 17 percent to P11.7 billion.
Power vehicle AC Energy posted a 28 percent drop in net income to P1.2 billion while infrastructure vehicle AC Infrastructure reported net income of P59 million.
“As they execute on their individual 2020 strategies, our businesses continue to perform well and within targets… With 1,000 megawatts in attributable capacity, AC Energy is beginning to be a major contributor to the country’s energy requirements. Further, we expect it to be a meaningful part of Ayala’s portfolio in the next five years,” Ayala president and chief operating officer Fernando Zobel de Ayala said.