CONGLOMERATE Ayala Corp. posted a 6 percent year-on-year growth in net profit to P10.4 billion led by the double-digit growth in its telecom, real estate, banking and electronics businesses.
Excluding the impact of the previous year’s divestment gains from the sale of business process outsourcing unit Stream Global Services, Ayala’s net income in the first semester grew by 31 percent year-on-year.
“Our earnings continue to grow at a strong pace in step with the overall performance of our business units. As demand drivers remain upbeat, and as our investments in power come onstream, we believe this strong growth will continue throughout the year,” Ayala president and chief operating officer Fernando Zobel de Ayala said in a press statement on Thursday.
Ayala’s performance in the first half of the year was a result of strong equity earnings contribution from its business units, which reached P13.2 billion, up by 2 percent from a year ago. Without the divestment gains in the comparative year, underlying equity earnings expanded 20 percent.
The double-digit growth in the equity earnings of Globe Telecom, Ayala Land, Bank of the Philippine Islands, and Integrated Microelectronics combined with the positive contribution from AC Energy Holdings drove Ayala’s equity earnings during the period.
“In addition, as our core businesses grow, we continue to seek new areas to invest in. We are developing new platforms in the healthcare and education spaces. We believe these two sectors present excellent opportunities for growth and scale,” Zobel said.