Ayala Corp. net income up by 35% | Inquirer Business

Ayala Corp. net income up by 35%

/ 04:56 AM November 14, 2014

MANILA, Philippines–Conglomerate Ayala Corp. said net income in the nine months through September rose over a third, with gains led by its property development, telecommunications and water utility business.

The company said in a stock exchange filing Thursday that profit during the period hit P14.1 billion, up 35 percent. Consolidated revenues rose 17 percent to P134.5 billion.

“Core businesses, specifically Ayala Land Inc., Globe Telecom and Manila Water Co., produced solid results,” the conglomerate said.

Article continues after this advertisement

It noted that the units “helped compensate lower earnings from the Bank of the Philippine Islands (BPI), which had generated substantial gains from securities trading during the prior year.”

FEATURED STORIES

“Without the effect of accelerated depreciation from Globe Telecom’s network transformation initiative during the previous year, Ayala’s core net income grew percent,” it added.

In its filing, Ayala said the sale of goods and rendering of services comprised 85 percent of consolidated revenues, amounting to P114.5 billion and expanding by 15 percent year on year.

Article continues after this advertisement

Robust performance across all business segments by Ayala Land, continued improvement in revenues from Manila Water due to higher billed volume, rising revenues from Integrated Microelectronics Inc. (IMI), and the P1.8 billion net divestment gain from Stream Global Services Inc. were all significant contributors to the expansion in consolidated revenues, it added.–Miguel R. Camus

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: ayala corp., Business, Earnings, net income

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.