Ayala poised to beat prepandemic profitability

MANILA  -Zobel family-led Ayala Corp. said banking, property and energy bolstered core profits during the first nine months of the year by 42 percent to P31 billion.

The country’s oldest conglomerate said its January to September performance was “at par” with full-year prepandemic income in 2019, a stock exchange filing on Tuesday showed.

“Despite macroeconomic and geopolitical headwinds, our outlook remains intact as we look to end the year with profits exceeding pre-COVID levels. We continue to build on our solid [nine-month] results and rationalize our portfolio wherever it makes sense to do so,” Ayala president and CEO Cezar Consing said in the filing.

Driving results during the period was Bank of the Philippine Islands, which saw net earnings surge 26 percent to a record P38.6 billion.

Ayala Land’s profits rose 38 percent to P18.4 billion during the first nine months on strong mall revenues and stable housing sales.

ACEN Corp.’s net income also expanded by 59 percent to P6.6 billion after the company added operating capacity and one-off gains.

Another major subsidiary, telecommunications arm Globe Telecom, saw earnings drop by 27 percent to P19.4 billion due to the absence of a one-time gain recorded last year. The conglomerate also underlined “rationalization initiatives” through the sale of noncore assets in Integrated Microelectronics Inc., AC Industrials and Manila Water Co.

It also underscored emerging sectors via AC Health, which is poised to open a dedicated cancer hospital before the end of 2023, and AC Logistics.

—Miguel R. Camus INQ