Property, power lift Ayala Corp.’s earnings to P23.2B
Conglomerate Ayala Corp. saw an 18 percent increase in its nine-month profit to P23.2 billion, thanks to robust real estate sales and a growing power portfolio.
For the third quarter, Ayala’s net income grew 39 percent year-on-year, largely due to the strong performance of its property arm, Ayala Land Inc. and power concern, AC Energy.
“Most of our business units have continued to achieve solid growth this year,” said Ayala president and COO Fernando Zobel de Ayala.
The strong takeup of residential, office and commercial units boosted ALI’s net income by 18 percent to P17.8 billion.
AC Energy maintained its upward trajectory with its net earnings surging 73 percent to ₱2 billion, largely driven by the fresh contribution of its geothermal asset in Indonesia coupled with the services income derived from the financial close of a new power plant. Its first greenfield offshore project, the 75-megawatt Sidrap Wind Farm located in South Sulawesi, Indonesia, is expected to be operational by the first quarter of 2018.
Earnings of the banking and water distribution businesses were largely flat. Globe Telecom, on the other hand, grew its profit by 11 percent to P13 billion, bolstered by gains from the increase in fair value of its interest in a joint venture with Alibaba founder Jack Ma.