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Ayala Corp. books P9.4B core net income in Q1, up 61%

Conglomerate Ayala Corp. on Wednesday reported a 61% core net income growth during the first quarter of 2023 to P9.4 billion, on the back of strong earnings across its key businesses.

In a disclosure to the Philippine Stock Exchange, Ayala Corp. said Bank of the Philippine Island’s net earnings grew to P12.1 billion, up 52% year-on-year on asset base expansion, sustained margin growth, and lower provisions.

The company added that its property arm Ayala Land saw a net income growth of 42% to P4.5 billion as its diversified portfolio generated a 26% revenue growth on higher contributions across its business lines.

Globe Telecom also booked a core net income that was flat at P5.1 billion as higher depreciation expenses offset the rise in data and digital service revenues.

Ayala Corp.’s energy unit ACEN Corp. saw a net income of P2 billion, which grew five-fold resulting from higher net generation from wind sources, the commissioning of new power plants, and the company’s shift to a modest net selling merchant position.

AC Energy & Infrastructure, the parent company of ACEN, likewise, grew its profit by 2.5 times to P2.7 billion due to improved contributions from ACEN and recognition of pre- operating revenues from GNPower Dinginin.

“One of our priorities is to end 2023 with profits above pre-COVID levels. Given our first quarter results, our constructive outlook for the year remains intact,” said Ayala president and CEO Cezar Consing.—AOL, GMA Integrated News