MANILA, Philippines—Ayala Corp. grew its first semester consolidated net profit by 0 percent year-on-year to P7.3 billion, led by the robust earnings of its property and banking units.
Higher earnings of its water unit and improved performance of its business process outsourcing business likewise contributed to Ayala’s profits during the period.
Netting out the impact of the accelerated depreciation because of the network modernization of Globe Telecom, Ayala’s core net income grew by 42 percent year-on-year to P8.9 billion.
“The first half broadly turned out as expected as we sustained growth momentum across our key businesses. Our core businesses made great strides in growth and expansion while our international businesses continued to improve,” Ayala president Fernando Zobel de Ayala said in a press statement.
“We are confident this strong performance will carry on this year. The encouraging macroeconomic conditions continue to present opportunities for further investment and we will continue to take advantage of these moving forward,” he added.