Ayala Corp. Q1 net profit expands 22% to 5.5B

Ayala Corp. (Ayala), the country’s oldest conglomerate, said net profit in the first quarter rose 22 percent year-on-year to P5.5 billion, boosted by a P1.8 billion capital gain from a stake sale and despite the weak earnings contribution from its banking arm, Bank of the Philippine Islands.

The conglomerate said net income in the quarter grew to P5.5 billion from P4.5 billion in the same period last year, driven by its real estate, telecom, water and international businesses and the capital gain from the sale of Stream Global Services, Inc., a unit of its business process outsourcing subsidiary Liveit.