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Home Business Corporate News Ayala Corp. income reaches P56B in H1

Ayala Corp. income reaches P56B in H1


LISTED Ayala Corp.’s consolidated net income more than doubled to P56.14 billion in the first half of 2019 from P27.64 billion in the same period last year on the back of the robust performance of its major businesses.

In a statement of Tuesday, the Ayala-led conglomerate said that of the latest amount, P37.8 billion is net income attributable to owners of the parent company.

Ayala President and Chief Operating Officer Fernando Zobel de Ayala said the “first-half results reflect the strength of our core holdings in real estate, banking and telecommunications.”

The conglomerate’s property arm, Ayala Land Inc., saw its net income grow by 12 percent to P15.2 billion on increased revenues from commercial leasing and sales of offices, commercial and industrial lots.

Revenues of its commercial leasing segment rose by 16 percent to P18.6 billion, driven by newly opened malls, offices and hotels.

As of end-June, Ayala Land’s mall gross leasable area stood at 1.9 million square meters, of which 719,000 square meters are under construction.

The real estate firm’s office-space gross leasable area stood at P1.1 million square meters, with less than half of this figure under construction.

Bank of the Philippine Islands’ (BPI) net income grew by 25 percent to P13.7 billion in January to June on the back of revenues that grew by 23 percent to P45.9 billion.

The Ayala-led banking giant’s net interest income surged by 24 percent to P32.4 billion, while non-interest income improved by 21 percent to P13.5 billion, due to “securities trading gains and fee-based income across a broad range of businesses.”

Globe Telecom Inc. posted a P12-billion net income in the first half, up 21 percent from the year-ago amount, “as it continues to reap the benefits of a modernized 4G/LTE (Fourth Generation/long-term evolution) network rollout.”

The telecommunications giant’s consolidated service revenues increased by 13 percent to P72.9 billion in the first six months, driven by strong demand for data-related services, which accounted for 70 percent.

The strong performance of its prepaid segment lifted Globe’s mobile revenues by 11 percent to P54.6 billion.

Manila Water Co. Inc. saw its net profit dip by 18 percent to P2.9 billion due to higher operating expenses and lower billed volume arising from the water shortage that struck its concession area earlier this year.

The East Zone concessionaire’s total revenues grew by 7 percent to P10.5 billion “on the contribution of its domestic and overseas platforms.”
Cost recovery from adjustments in the construction and operations of power plants raised power firm AC Energy’s net income to P23.2 billion in the first half.

In contrast, AC Industrial Technology Holdings Inc. registered a net loss of P510 million in the six months ending June due to “macropolitical risks, sectoral headwinds and component supply tightness.”

Integrated Micro-Electronics Inc.’s first-half income dropped by 81.6 percent to $5.8 million from the year-earlier $31.6 million.

Last, AC Industrial Technology Holdings Inc. incurred a net loss of P158 million on the back of reduced sales in its Honda, Isuzu and Volkswagen brands.

Ayala Corp. shares increased by P2 or 0.21 percent to close at P940 each on Tuesday.

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Today’s Front Page February 25, 2020

Today’s Front Page February 25, 2020