AYALA Corp., the country's oldest conglomerate, recorded 22-percent net income growth in the first quarter, to P17.3 billion from P14.2 billion a year earlier, following strong results from core businesses.
Core profit, which excludes one-off items, expanded 26 percent year on year to P11.8 billion, thanks to double-digit growth in its banking, telco, property and energy units, the conglomerate said in a disclosure on Tuesday.
Including one-off transactions, attributable earnings grew 28 percent to P13 billion.
Consolidated revenues, meanwhile, grew 11 percent to P87.27 billion from the P78.97 billion generated in the same period last year.
"We are seeing growth momentum across most of our businesses. This speaks to the resilience of the economy and our ability to provide products and services that are valued by customers," Ayala President and Chief Executive Officer Cezar Consing said.
By segment, Bank of the Philippine Islands notched a record quarter net income of P15.3 billion, 26 percent higher year on year, as revenues more than offset the increased operating expenses and provisions for losses.
The bank's revenues jumped 25 percent to P39.5 billion, fueled by a 24-percent growth in net interest income to P29.8 billion amid a higher average daily balance of loans and net interest margin.
Real estate arm Ayala Land Inc. saw its first-quarter profit surge 39 percent year on year to P6.3 billion, while its revenues improved 33 percent to P41 billion amid sustained property demand and consumer activity.
Power subsidiary ACEN Corp.'s earnings climbed 34 percent to P2.7 billion, powered by the ramp-up of new operating capacity and a strong net seller position in the spot market, Ayala said.
Statutory revenues, comprising the consolidated Philippine and Australian power businesses, edged up 8 percent year on year to P9.9 billion for the first three months of the year.
Globe Telecom Inc. netted P6.8 billion, 7 percent lower year on year, following increased depreciation expenses and nonoperating charges that included the tower sale.
The telco's core profit increased 13 percent year on year to P5.8 billion, with gross service revenues inching up 3 percent to P41.1 billion following sustained growth in mobile and corporate data.
Affiliate Manila Water Co. Inc., meanwhile, delivered a net income of P3.2 billion, up from P2.4 billion a year earlier, as revenues grew 19 percent to P8.8 billion, driven by billed volume improvements.
Ayala's balance sheet remained strong in the first quarter, with consolidated cash and net debt amounting to P70 billion and P527.1 billion, respectively.
Ayala Corp. shares rose by P12, or 2.06 percent, to P595 each on Tuesday amid a 0.06-percent uptick in the benchmark Philippine Stock Exchange index.
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