Ayala earnings up 15% to P5.8 B

Ayala Corp. recorded a 15 percent growth in its first quarter net income to P5.8 billion, buoyed by growth in its real estate, power generation, and automotive businesses.

Equity earnings contribution from the conglomerate’s business units reached P7.2 billion, 11 percent higher year-on-year, with Ayala Land and Manila Water posting double-digit growth in contribution, up 16 percent and 13 percent, respectively.

Ayala Automotive rebounded in the first three months of the year with equity earnings contribution expanding fivefold on the back of strong sales in the Isuzu and Honda brands as its Volkswagen sales started to ramp up.

“As we conclude our medium-term plan this year and embark on a new five- year growth strategy, we are encouraged by the upbeat first quarter results of our businesses. We believe the Philippines continues to be fundamentally strong, and we expect most of our businesses to continue growing at a healthy pace,” said AC president and COO Fernando Zobel de Ayala.

ALI registered a 14 percent growth in net income to P4.7 billion on the back of robust residential, office space sales, and commercial leasing segments and higher margins across all product lines.

Globe Telecom sustained its robust topline growth bolstered by gains across its datarelated product segments, with net income growing three percent to P4.3 billion.

Bank of the Philippine Islands reported a net income of P5 billion, slightly higher than the previous year.

Earnings of Manila Water rose three percent to P1.5 billion on improved East Zone operations.

Manila Water’s two bulk water companies in Vietnam, Thu Duc Water and Kenh Dong Water as well as its investment in Saigon Water, grew four percent year-on-year.

The water utility firm’s businesses outside the East Zone, which include domestic and overseas operations, collectively grew four percent, accounting for 15 percent of its net income.

Power unit AC Energy sustained its positive earnings trajectory, generating a net income of P250 million in the first quarter as its power projects achieved more efficient operating levels.