Ayala Corp net income up 9.1% to P15.1 billion in 1st half of 2017
MANILA, Philippines – Ayala Corporation (AC), the holding firm of the Ayala Group of Companies, posted a 9.1% growth in net income for the 1st half of 2017 on strong contributions from its property and energy divisions.
In a disclosure to the Philippine Stock Exchange (PSE) on Friday, August 11, AC reported a net income of P15.1 billion for January to June this year, compared to the P13.8 billion in the same period in 2016.
AC's equity earnings totaled P17.4 billion for the 1st half of 2017, up 6% from a year ago, while its net income for the 2nd quarter of 2017 amounted to P8.1 billion, up 2% compared to the same quarter in 2016.
The firm attributed the growth to contributions from its property arm Ayala Land and its energy unit AC Energy, which grew 17% and 64%, respectively.
Subsidiaries
The net income of Ayala-led Bank of the Philippine Islands (BPI) dropped to P11.7 billion, down 8% from last year due to spending for digital and lower securities trading.
Globe Telecom's net income also fell to P8.1 billion due to expenses related to its purchase of San Miguel Corporation's telecommunications assets.
The net income of AC Industrials was down 3% as well, to P739 million, as lower contributions of its vehicle retail business tempered the gains from the robust performance of its electronics manufacturing arm.
On the other hand, Ayala Land recorded P11.5 billion in net income for the 1st half of 2017, up 18% from the same period last year due to continued expansion of its property development and commercial leasing businesses.
Manila Water's net income also rose by 3% to P3.2 billion, amid increasing contributions from its domestic subsidiaries.
The net income of AC Energy, meanwhile, jumped by 64% to P949 million on the back of a favorable wind regime, improved efficiencies of its operating coal plants combined with feed-in-tariff earnings from its solar plant, as well as fresh contributions from Chevron's geothermal assets in Indonesia. – Rappler.com
