MANILA, Philippines — Core earnings of Ayala Corp., the country’s oldest conglomerate, capped off the nine months ending September with a double-digit expansion.
From January to September, Ayala’s core net income went up by 19 percent year-on-year to P36.7 billion, boosted by units Bank of the Philippine Islands (BPI), Ayala Land, Globe and AC Energy & Infrastructure.
Including one-off items, Ayala’s reported net income increased by five percent to P34 billion.
Ayala president and CEO Cezar Consing said the group’s growth is being sustained by the strong performances of its core businesses.
“We continue to manage our younger businesses to get them to sustainable trajectories in the near-term. We strive to build a simpler, more collaborative and more connected Ayala,” Consing said.
BPI delivered a record high nine-month net income of P48 billion, up by 24 percent year-on-year.
The increase was largely driven by revenue expansion, supported by sustained loan growth, higher net interest margin, a wider deposit base and healthy asset quality.
Resilient property demand and robust consumer activity, meanwhile, lifted Ayala Land’s net income by 15 percent to P21.2 billion.
Globe’s core net income, which excludes non-recurring charges, foreign exchange and mark-to-market charges, climbed by 19 percent to P17.6 billion on the back of robust gross service revenues and strong contributions from Mynt’s GCash.
For its power business, ACEN registered a 24-percent rise in net income to P8.1 billion fueled by newly operational plants coupled with the company’s strong net seller position in the local spot market.
Meanwhile, net loss of AC Health widened to P417 million mainly due to costs related to the ramp up of the cancer hospital.
AC Health’s revenues, however, grew by 11 percent to P6.9 billion.
AC Industrials, on its end, narrowed its net loss to P5.1 billion from P6.1 billion due to lower impairments.