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MANILA - The Philippine's oldest conglomerate on Friday said its earnings grew by nearly quarter in the first half driven by the performance of its real estate, banking and water utility businesses.
In a disclosure to the Philippine Stock Exchange, Ayala Corp. said its consolidated net income climbed 23 percent to P6.1 billion in the first six months of the year.
Core net income rose at a faster pace of 35 percent to P6.3 billion. This excludes the impact of the accelerated depreciation of Globe Telecom Inc. as a result of its network modernization program and the revaluation gains realized at AG Holdings in the first half of the previous year.
AC attributed the higher profit from the strong equity earnings of its core businesses Ayala Land Inc., Bank of the Philippine Islands, and Manila Water Co. Inc., which offset the slight decline in equity earnings from Globe.
Equity earnings of core and non-core businesses reached P7.7 billion in the first semester, 24 percent higher than the P6.2 billion reported in the same period last year.
"We are encouraged to see the strong trajectory of our core businesses sustained through the first half of this year. The performance reflects the robust domestic demand and the fundamental strength of the economy," said Fernando Zobel de Ayala, AC president and chief operating officer.
"We envision our products and services to continue to tap this growing demand as we expand to new market segments and develop a more pervasive presence across the country," he added.
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