Ayala Corp. reports P5.8-B net income in Q1

Ayala Corp. posted a net income of P5.8 billion in the first quarter of the year, up 15 percent from a year earlier.

The conglomerate on Thursday told the Philippine Stock Exchange growth was driven by the strong performance of the real estate, power generation, and automotive businesses.

“We are encouraged by the upbeat first quarter results of our businesses. We believe the Philippines continues to be fundamentally strong, and we expect most of our businesses to continue growing at a healthy pace,” AC president and CEO Fernando Zobel de Ayala said.

Real estate arm Ayala Land reported a net income of P4.7 billion, up 14 percent.

Globe Telecom posted a net income of P4.3 billion, up 3 percent.

AC Energy generated a net income of P250 million.

AC Infrastructure recorded a net income of P23 million, following the takeover of the LRT1 systems in September 2015.

Bank of the Philippine Islands posted a net income of P5 billion, up 1.3 percent.

Manila Water's net income jumped 3 percent to P1.5 billion.

Integrated Microelectronics registered a net income of P311 million. – Ted Cordero/VDS, GMA News