Conglomerates Ayala Corp and GT Capital Holdings Inc. reported double-digit growth in earnings for the first nine months of the year on the sustained growth of business units.
Ayala Corp. said income from January to September this year rose 18 percent to P23.2 billion, bolstered by the strong performance of its real estate unit, and lifted by the expansion of its power business.
The conglomerate’s net income in the third quarter surged 38 percent to ₱8.2 billion, lifted by transaction gains realized by Globe Telecom Inc. from the investment of Ant Financial in fintech unit Mynt.
“Most of our business units have continued to achieve solid growth this year,” Ayala Corp. president and chief operating officer Fernando Zobel de Ayala said.
“We are pleased to note that even excluding the transaction gains from various strategic initiatives for the period, Ayala’s nine-month net income still expanded 18 percent from the previous year,” Zobel said.
Aside from strong contributions from core units Ayala Land, Bank of the Philippine Islands and Globe Telecom, the conglomerate’s other subsidiaries AC Energy, AC Industrial Technologies and AC Infrastructure ,also contributed the group’s strong financial performance.
AC Energy registered a net income of P2 billion, up 73 percent year-on-year driven by the fresh contribution of its geothermal asset in Indonesia, while AC Industrials posted a profit of ₱1 billion in the first nine months of the year, up 5 percent increase from a year ago, as the solid performance of its electronics manufacturing business.
GT Capital of tycoon George Ty booked core net income of P11 billion in the nine-month period, up 10 percent from P9.3 billion on year.
Including one-time gains from the sale of assets in 2016, GT Capital’s net income attributable to equity holders of the parent company, however, declined 12 percent to P10.8 billion from P12.3 billion.
Jenniffer B. Austria
Nine-month consolidated revenues rose 16 percent to P169.5 billion from P146.2 billion in 2016.
“Our core businesses continue to deliver steady growth across all sectors. Based on the strong macroeconomic fundamentals, we remain optimistic that the positive momentum will be sustained for the remaining months of 2017,” GT Capital president Carmelo Maria Luza Bautista said.