AYALA ON TRACK TO HIT P50-B PROFIT BY 2020

CONGLOMERATE Ayala Corp. said Friday it is on track to meet its income target of P50 billion by 2020 as the company continues its strong performance driven by the real estate and power generation businesses.

[for] “[We 2020 are] … on We trackare verybut that’soptimisticpects for about the the second future half,” and Ayala prosTeodoro Limcaoco told a news “For full year [2017], we expect - come expanded to P15.1 billion percent compared with the P3.8 period last year.

- bust contributions from Ayala respectively.

For the second quarter alone, Ayala recorded a net income of P8.1 billion, up 2 percent from

“That’s a result of the BPI’s [ Bank of the Philippine Islands] performance last year. Remem they booked on the second quarter last year, they’re actureason why our second quarter [ 2017] is also relatively slower or relatively flat versus last year second quarter because last year’s second quarter had that

“It’s quite still a healthy result,” he added.

Ayala Land sustained its with net income of P11.5 billion, in the same period last year. BPI continued its investments - - in net income of P11.7 billion, about 8 percent lower than a Telecommunications unit dropped 10 percent to P8.1 billion in the first half on expense, and costs related to the - nila Water’s net income was at P3.2 billion. Other businesses such as AC Industrials saw net income of plants combined with feed- inplant, as well as fresh contribuassets in Indonesia.

Ayala’s balance sheet remains at a comfortable level. Cash at the parent level amounted to P12.1 billion while net debt Earlier, Ayala Corp.’ s Board - tion with the Securities and to P30 billion worth of debt securities in one or more tranch

- vides Ayala financial flexibility to issue debt instruments opportunistically as market conditions permit. - the country.