Ayala’s January-March profits up 45% on real estate and banking recovery

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Conglomerate Ayala Corp., run by the Zobel family, saw its profits rebound in the first quarter on stronger contributions from its real estate and banking businesses, Ayala Land Inc. and Bank of the Philippine Islands, while reserving profits from the partial sale of data centers by Globe Telecom.

In one filing, Ayala Corp. said net profit in the period jumped 45% to P7.8 billion from the same period last year.

“While the surge in infections at the start of the year delayed the expected full reopening of economic activity, the de-escalation of mobility restrictions in March is starting to have an impact on our cyclical real estate and banking businesses. “, said the chairman and CEO of Ayala. Fernando Zobel de Ayala said.

“This encouraging development allows us to continue our investment programs and deploy capital in various growth initiatives of the Ayala Group,” he added.

Ayala Land’s net income rose 14% to 3.2 billion pesos in the quarter, with the mall and hotel segment showing signs of recovery.

At the same time, BPI reported a 60% rise in profits to 8 billion pesos thanks to higher net income, lower bad debt expenses and tax adjustments.

Globe’s net profit also jumped 86% to 13.7 billion pesos, mainly due to a net gain of 8.5 billion pesos after the partial sale of its data center business to a new partner. strategic, ST Telemedia Global Data Centres.

Revenues from real estate and banks offset “weaker” contributions from the power arm, AC Energy Corp. and Manila Water Co. Inc.

AC Energy’s net income fell 68% to 405 million pesos in the quarter due to more expensive power purchases as part of a “preventive maintenance outage” at one of its plants coal. The company also earned less due to damage to transmission lines in the aftermath of Typhoon “Odette”.

Manila Water’s also fell 29% to 925 million pesos” due to higher costs and expenses, which compounded the effect of Ayala’s reduced stake in the company following the sale of secondary shares to Trident Water last year”. INQ

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