MANILA, Philippines?Conglomerate Ayala Corp. posted a net profit of P8.2 billion in 2009, at par with the level a year ago as it booked lower capital gains from share sales last year compared to the previous year.

Excluding capital gains, its core net income grew 34 percent last year, driven by the strong performance of its major business units even as the country narrowly escaped a recession last year, Ayala reported to the Philippine Stock Exchange Monday. Its total equity share in the earnings of its business units grew 18 percent to P9.2 billion from a year ago.

In 2008, the conglomerate booked about P8.1 billion in net income attributable to equity holders.

?Our efforts the past few years to strengthen our balance sheet prepared us well for the economic downturn. Our healthy cash position and comfortable gearing kept fundamentals intact across the group,? Ayala president and chief operating officer Fernando Zobel de Ayala said in a statement.

Ayala ended 2009 with cash of P30 billion. Net debt was at only P0.04 for every P1 of equity. It recently announced plans to diversify into the power generation business with its intention to bid for the Angat hydroelectric plant in partnership with First Pacific Co. Ltd. of Hong Kong.

In real estate, Ayala Land?s residential sales recovered beginning the second quarter with take-up rates improving through the fourth quarter. Ayala Land posted P4 billion in net income in 2009, 16-percent lower than the previous year?s, which included gains from a lot sale. Excluding the impact of the lot sale, net income was down only 2 percent.

Globe Telecom registered an 11-percent earnings growth to P12.6 billion over a year ago. While its core mobile business was weighed down by intense competition, Globe made significant gains in its broadband business.

AC Capital also contributed positively in 2009, reversing the loss in 2008. This was driven by the strong earnings growth of water distribution unit Manila Water Co. Inc., the turnaround of electronics manufacturing business Integrated Microelectronics Inc. (IMI), and the significantly improved performance of Ayala?s holding company for its BPO investments.

Manila Water posted a net income of P3.2 billion, 16-percent higher than in 2008. Electronic manufacturing services unit IMI posted a turnaround in 2009 with $10 million in consolidated net income, a reversal of the net loss in 2008.