Ayala net profit up 7% at P7.3B

Ayala Corp. grew its net profit in the first nine months by 7 percent year on year to P7.3 billion, driven by the strong contribution of core property, banking and telecom businesses.

“The favorable domestic economic environment and the continued robust local consumption have underpinned the growth of our core businesses. We continue to take advantage of this momentum as we constantly develop and redefine our products and services in order to meet the diverse needs of our broadening customer base,” Ayala president and chief operating officer Fernando Zobel de Ayala said.

Total equity earnings during the period rose 8 percent to P9.2 billion from a year ago. Combined equity earnings from the property, banking and telecom units expanded by 9 percent, making up for the lower contribution from electronics, business process outsourcing unit and automotive businesses.

Ayala Land’s net income surged 33 percent to P5.2 billion on the back of strong revenue growth across key business lines.

Bank of the Philippine Island grew its net profit by 6 percent to P9.6 billion on higher net interest earnings and fee-based income.

Globe Telecom boosted its net income by 7 percent to nearly P8 billion as it delivered record service revenues in the third quarter and brought nine-month consolidated service revenues 9 percent higher to nearly P50 billion.—Doris C. Dumlao