Property, power units boost Ayala Corp.’s profit to P30B
Ayala Corp. chalked up a net income of ₱30.3 billion last year, up 16 percent on strong double-digit growth of its real estate and power businesses.
Equity earnings contributions from Ayala’s business units increased by 12 percent to ₱35.8 billion, largely led by Ayala Land and AC Power.
“We are happy to see this earnings momentum sustained for the sixth consecutive year as the expansion strategy across our portfolio of businesses continues to bear fruit.
Consistent double-digit growth since 2012 has translated to a compounded annual growth rate of 22 percent. We remain positive about our trajectory as we move closer to our 2020 goals,” said Fernando Zobel De Ayala, president and COO of Ayala Corp.
The resurgence of property sales combined with a solid leasing business boosted Ayala Land’s net earnings by 21 percent to ₱25.3 billion.
Bank of the Philippine Islands recorded a net income of ₱22.4 billion, slightly higher than the previous year due as the absence of one-off gains tempered strong growth in its core banking business.
Globe Telecom’s net earnings slid five percent to ₱15.1 billion due to higher operating expenses and depreciation charges as a result of increased investments in its data network.
Profits of Manila Water posted a muted net income growth of one percent to ₱6.2 billion as higher operating expenses and business development costs tempered topline growth during the year.
AC Energy’s net earnings jumped 31 percent to ₱3.5 billion in 2017, primarily driven by fresh equity earnings contribution from its geothermal platform, and boosted by solid contributions from its wind energy assets.