Ayala Corp. reported a 4-percent rise in its third-quarter core net income to P12.8 billion as its core businesses delivered steady growth and portfolio businesses showed promising development.
Including one-off items, Ayala’s net income soared 36 percent to P46.3 billion, led by net one-off gains from the revaluation of AC Ventures, which holds the conglomerate’s direct stake in Mynt.
The company’s nine-month core net income remained flat at P36.6 billion, it said in a disclosure to the stock exchange Thursday.
Ayala Corp. president and chief executive Cezar Consing expressed confidence in the market.
“We remain confident in the long-term growth trend of the Philippine economy. Our recently announced initiatives in retail, Makro and Spinneys, signify our continued confidence in the market,” he said.
The conglomerate said that in the first nine months of the year, core businesses, including Bank of the Philippine Islands (BPI) and Ayala Land Inc. (ALI), continued to perform well.
BPI’s net income grew 5 percent to P50.5 billion on the back of a 13.2-percent growth in total revenues, reaching P142.3 billion, supported by sustained loan growth and continued net interest margin expansion.
ALI’s net income increased 1 percent to P21.4 billion, with property development revenues reaching P75.9 billion and leasing and hospitality revenues growing 6 percent to P35.1 billion.
Globe Telecom’s core net income declined 12 percent to P15.5 billion due to lower gross service revenues and higher depreciation and interest expenses. ACEN’s core net income also fell 18 percent to P4.3 billion, impacted by lower irradiance in the Philippines and Australia and damaged wind farms in Ilocos Norte.
The conglomerate said its portfolio businesses, including AC Health, ACMobility and AC Logistics, showed promising results.
ACMobility achieved a net income of P18 million, a turnaround from a P176-million net loss in the prior year due to robust volume growth.
Integrated Micro-electronics Inc. posted a net income of $14.8 million, a sharp turnaround from a $9.2-million loss, resulting from better operational efficiencies and improved operating margins from higher utilization rates across its facilities.
AC Logistics reduced its net loss to P1.3 billion from P1.5 billion following the closure of its last-mile business and ongoing rationalization initiatives.
The company said its retail initiatives, including the introduction of Makro and Spinneys, underscore its commitment to capturing a larger share of the consumer wallet.
