Ayala Corp. managed to post 7% increase in first half profit to P16B
Conglomerate Ayala Corp. said its first semester profit rise seven percent to P16.1 billion as it unlocked higher earnings from its real estate, telecommunications, and power businesses.
Equity earnings expanded by 12 percent to ?19.5 billion on robust contributions from Ayala Land and Globe Telecom, which climbed 18 percent and 25 percent, respectively. AC Energy?s earnings contribution more than doubled.
?These results validate our long-term strategy to achieve a more resilient portfolio by allocating capital to new businesses from which we can derive fresh sources of growth while continuing to expand our core businesses, Ayala president and chief operating officer Fernando Zobel de Ayala said.
AC Industrials? net income inched up by two percent to ?752 million, supported by a one- time gain by its electronic manufacturing services arm, but dragged by lower earnings from its automotive retail segment.
The group?s automotive unit saw its net earnings fall to ?119 million due to weaker sales of Honda and Isuzu owing to higher excise taxes.