Ayala group nets P19.6B

Conglomerate Ayala Corp. grew its net profit in the first nine months by 11 percent year-on-year to P19.6 billion, driven by robust earning contributions from the banking, real estate and automotive businesses.

Equity earnings from Bank of the Philippine Islands and Ayala Land Inc. rose by 23 percent and 17 percent, respectively, while equity earnings from Ayala Automotive nearly tripled during the period.

“As they execute on their individual 2020 strategies, our businesses continue to perform well and within targets. As we develop new investments, we are happy to see our power business emerging to be a significant player in the space. With 1,000 megawatts (MW) in attributable capacity, AC Energy is beginning to be a major contributor to the country’s energy requirements,” Ayala president and chief operating officer Fernando Zobel de Ayala said in a statement on Friday.

Ayala aims to double its annual net profit to P50 billion by 2020 under a five-year vision that also seeks to grow all operating units and expand the group’s position across Southeast Asia.

In the first nine months, equity earnings contribution from Ayala’s business units amounted to P23.6 billion, 10 percent higher year-on-year.

Ayala Land posted a net income of P15.1 billion in the first nine months, up by 17 percent from year-ago level.

Strong gains from its core banking, trading and fee-based businesses boosted BPI’s net earnings in the first nine months, jumping by 26 percent to P17.4 billion from its year-ago level.

Globe Telecom’s nine-month net income declined by 17 percent from year-ago level to P11.7 billion on higher operating expenses, depreciation and non-operating charges.

Manila Water’s net income rose by 6 percent in the first nine-months to P4.9 billion.