Ayala Corp. first-quarter profit grows to P4.5 billion

Listed conglomerate Ayala Corp. recorded a 29-percent increase in its first-quarter net income, as its earnings from its banking and property arm significantly climbed in the same period.

A disclosure to the Philippine Stock Exchange on Wednesday showed that Ayala Corp.’s earnings in the first quarter of the year reached P4.5 billion, 29 percent higher than its 2012 first-quarter profit, while its core net income, which excludes the impact of Globe Telecom’s accelerated depreciation costs, grew even higher to P5.2 billion, a 49 percent increase year-on-year.