Ayala Corp. books P19.4-billion net income in Jan-Sept

Conglomerate Ayala Corp. grew its net income by 70% in the first nine months of 2021 to P19.4 billion on the back of improved performance of most of its business units.

“The improving business environment demonstrates how organizations have adapted and readjusted themselves more than a year into the pandemic. With the pace of inoculation ramping up, we look forward to a further reopening of the economy and sustaining this positive trajectory,” Ayala president and CEO Fernando Zobel de Ayala said in a statement.

Ayala Corp.’s property arm, Ayala Land, saw a 35% net income growth to P8.6 billion as business operations continued to improve despite the reimposition of stricter quarantine restrictions.

The Bank of the Philippine Islands, its banking unit, saw an 1.8% net income increase to P17.5 billion due to lower loan loss provisions.

Its telco unit, Globe Telecom, posted a net income of P18 billion, up 13%, as gross service revenue improvement, lower non-operating charges, and the positive impact of the CREATE law fully covered higher operating expenses and depreciation.

AC Energy recorded a net income growth of 22% to P4.3 billion on strong power demand in Luzon and increased operating capacity.

Ayala Corp. said its portfolio investments in water infrastructure and industrial technologies likewise turned in better results during the period.

In particular, Manila Water’s net income grew six percent to P3.4 billion, mainly due to the absence of provisions and adjustments made in the same period last year.

AC Industrials significantly narrowed its net losses from P2.1 billion to P1.2 billion due to better results across its subsidiaries. — VBL, GMA News