Ayala Corp profit drops 53%, but gains-adjusted earnings up 11%

MANILA, Philippines- Ayala Corp., the country's largest conglomerate, on Tuesday reported that its net income fell 53 percent in the first quarter of 2008, only because it booked P3.3 billion in capital gains in the comparative quarter in 2007. Excluding these gains, the company's earnings for the period actually rose 11 percent. In a statement, Ayala Corp. said first quarter profit reached P2.6 billion on the back of strong performances by its property, water and telecoms unit. However, the firm said this was offset by poor earnings from its banking and and business process outsourcing units. - GMANews.TV