Ayala Corp. third-quarter net income down on non-recurring items

The Philippines’ oldest conglomerate Ayala Corp. (AC) posted a double-digit decline in its third quarter bottom line, on the back of a one-off loss during the period, and a non-recurring gain the same quarter last year.

In a disclosure to the local bourse, AC said its net income fell 15% to P7.6 billion from the same quarter in 2021. Excluding the non-recurring items, its net income jumped by 44% to P8.6 billion.

The conglomerate attributed the improvement to the gains recorded in its real estate unit Ayala Land Inc. (ALI) which saw double-digit gains, and its banking unit Bank of the Philippine Islands (BPI) which recorded significant growth.

“The progression in Ayala’s core earnings reflects the gradually improving consumer and business confidence that has accompanied the reopening of the economy,” the disclosure read.

AC’s year-to-date net income increased to P35.318 billion from P23.981 billion, as revenues for the period increased to P216.201 billion from P182.499 billion, while costs and expenses grew to P168.137 billion from P144.079 billion.

Aside from ALI and BPI, AC’s subsidiaries and affiliates include ACEN Corp., Globe Telecom Inc., and Integrated Micro-Electronics Inc., among others.

“Our strong market positions in four of the five largest industrial sectors in the country have allowed us to capitalize on the reopening of the economy to grow topline and core net income,” president and chief executive officer Cezar Consing said.

“Our largest publicly listed companies reported strong results, and the other companies in our portfolio are gaining traction and adding heft,” he added.

Shares in AC closed Monday at P671.00 apiece, down by P4.00 or 0.59% from last Friday’s finish of P675.00.—AOL, GMA Integrated News