MANILA, Philippines — Conglomerate Ayala Corp. saw its bottom-line surge in the first quarter amid a mixed earnings haul, with most key segments managing to sustain momentum.
In a disclosure sent to the Philippine Stock Exchange, Ayala reported its net income, which priced in one-off gains, leapfrogged 31% on-year to P10.2 billion from January to March.
Disclosure broken down revealed the bottom-line of its banking segment, Bank of the Philippine Islands, soared 52% on-year to P12.1 billion in first quarter. The bank attributed the upbeat performance to loan and margin growth and fee-based income, among others.
Its telco business, Globe Telecom Inc., posted a net income that retreated in the first quarter, owing to a one-time gain of P8.5 billion after it sold parts of its data center business early last year. Net income plunged 47% on an annual basis to P7.3 billion from January to March.
Its real estate segment found bright spots in the first quarter. Ayala Land Inc.’s revenues improved 26% on-year to P30.9 billion, as commercial leasing and property development trended up in the same period.
The conglomerate’s listed energy platform, ACEN, witnessed similar gains. Its bottom-line soared fivefold to P2 billion in the first quarter lifted by its wind generation segment.
“One of our priorities is to end 2023 with profits above pre-COVID levels. Given our first quarter results, our constructive outlook for the year remains intact,” CEO Cezar Consing, company president and chief executive, said.
Shares in Ayala finished trading with 0.76% gains to P666.5 apiece on Wednesday.