Ayala Corp. reported Monday a 50-percent decline in its 2008 consolidated net income to P8.1 billion on lower equity earnings from operating units and smaller capital gains from the sale of shares.

Publicly listed units Ayala Land Inc., Bank of the Philippine Islands (BPI), Globe Telecom Inc. and Manila Water Co. Inc. all posted positive results, but uncertainties arising from the global financial crisis weighed on earnings, Ayala chief financial officer Rufino Luis Manotok told the Philippine Stock Exchange.

Manotok said the group posted P2.7 billion in capital gains last year, compared with P7.3 billion in 2007, as it took advantage of higher asset prices to ?unlock values from some long-held investments.? The move allowed Ayala to raise its cash to P25 billion at the end of the year.

Ayala president and chief operating officer Fernando Zobel de Ayala added: ?While the operating environment is and will continue to be challenging, these distressed conditions also present opportunities. We continue to explore these and have ensured sufficient liquidity across the group to pursue any compelling opportunity on top of our committed growth targets in the short to medium term.?

Ayala shares closed unchanged Monday at P207 ahead of the release of the 2008 financial results.

Ayala Land recorded P4.8 billion in net income last year, up 10 percent from 2007. BPI?s profit fell 36 percent to P6.4 billion with a decline in securities trading income and a P1.3-billion drop in nonrecurring investment income of its insurance subsidiaries. Globe?s profit dropped 15 percent to P11.3 billion. Doris C. Dumlao; with editing by INQUIRER.net