DIVERSIFIED conglomerate Ayala Corp.’s nine-month net earnings nearly doubled to P46.2 billion from P23.86 billion in the previous year on the back of robust performance of its real estate, banking and telecommunications segments.
Equity earnings for the period climbed by 77 percent to P51.9 billion.
“We are pleased to see sustained growth in most of our core businesses continuing to provide stability in our earnings,” Ayala President and Chief Operating Officer Fernando Zobel de Ayala said in a disclosure on Tuesday.
Ayala Land Inc., meanwhile, posted net income of P23.2 billion in the first three quarters, 23-percent higher than previous year’s P20.8 billion, driven by sales of office, commercial and industrial lots, and leasing of commercial assets. Its property development revenues, however, dropped by 2 percent to P8.54 billion due to lower contribution from high-end and upscale residential projects, among others, but tempered by 51-percent growth in office sales revenues.
The Ayala property arm spent P78.2 billion in capital expenditures in the first three quarters for project development and land acquisition.
Bank of the Philippines Islands’ net earnings surged by 30 percent to P22 billion in the first nine months on the back of “strong revenues from its core intermediation and fee-based businesses.” This prompted the banking unit’s consolidated revenues to record a 25-percent uptick at P71 billion as interest income increased by 20 percent to P48.7 billion.
Growing subscriber base and data-related services drove Globe Telecom Inc.’s nine-month profits by 20 percent to P17.7 billion from P14.8 billion of the previous year. Revenues from mobile data soared by 44 percent to P52.2 billion, while home broadband was up by 19 percent to P16.1 billion in the January-September period.
Globe’s capital expenditure reached P32 billion as of end-September, of which 75 percent was allocated for data-related services.
AC Energy Philippines Inc. registered P24.3-billion net profit in the first three quarters,
“lifted by the recovery of costs incurred from adjustments in the construction and operations of its power plants and gains from the partial divestment of its thermal assets.”
The power unit added it realized earnings from 410 megawatts of its new solar projects in Vietnam during the second quarter.
Manila Water Co. Inc. took an 11-percent plunge in its net income in the first nine months at P4.4 billion as the impact of the water crisis earlier this year persisted.
Bucking the trend, AC Industrials Technology Holdings Inc. posted a net loss of P1.6 billion from poor segment performance during the period.
The net profit of its electronics manufacturing services unit, Integrated Micro-Electronics Inc., dropped markedly to $451,000 for the period from $41.4 million in the previous year amid slowdown in the automotive industry worldwide.
“We continue to be mindful of the challenges in some sectors, particularly AC Industrials and the global manufacturing space,” Zobel de Ayala said.
Ayala shares fell P16 or 1.87 percent to finish at P840 each on Tuesday.