Ayala earnings slide down with weaker telco, energy units
Ayala Corp., the country’s oldest conglomerate saw its core earnings likewise declined 4 percent to P11.3 billion.
MANILA, Philippines — Lower contributions from its telecommunications and energy units pulled down the net income of Ayala Corp. in the first quarter. This went down 4 percent to P12.6 billion.
The country’s oldest conglomerate disclosed on Tuesday its core earnings likewise declined 4 percent to P11.3 billion. These exclude one-off items.
“We are seeing strong starts from our banking, real estate and fintech businesses,” Ayala president and CEO Cezar Consing said. “Our telco and energy businesses have some catching up to do.”
BPI rises on higher loan demand
Bank of the Philippine Islands, the country’s second-largest private bank, delivered a 9-percent growth in its bottom line. This reached P16.6 billion due to higher loan demand.
Real estate giant Ayala Land Inc. grew its profit during the period by 10 percent. This reached P6.9 billion on gains from its property development, leasing and hospitality segments.
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Meanwhile, Globe Telecom Inc.’s core net income slipped by 22 percent to P4.5 billion. This excludes non-recurring and foreign exchange fees. The reduction was due to lower gross service revenues and higher financing costs, Ayala said.
Although gains from GCash parent firm Mynt provided a boost, Globe’s net income growth was also slower at 3 percent to P7 billion.
Renewable energy unit ACEN Corp. likewise saw its earnings fall by 28 percent to P2 billion on lower generation in the Philippines. This was also attributed to weaker spot market prices.
As a result, ACEN parent firm AC Energy and Infrastructure Corp. ended the period with a 46-percent plunge it its core net profit. This settled at P1.7 billion.
