MANILA – Ayala Corporation’s net income expanded 20 percent in the first quarter of the year to ₱6.9 billion, driven by the robust results of its banking and real estate businesses, as well as the solid earnings of its emerging business in power and industrial technologies.
Strong equity earnings from its businesses, which climbed 18 percent year-on-year to reach ₱8.5 billion, lifted the conglomerate’s performance during the period. This was led by equity earnings from the Bank of the Philippine Islands and Ayala Land, which expanded 27 percent and 18 percent, respectively.
In addition, Ayala’s emerging business posted higher equity earning, particularly AC Energy and AC Industrials, expanding 26 percent and 22 percent, respectively.
On a quarter-on-quarter basis, Ayala’s net income climbed 9 percent from the fourth quarter of 2016 on the back of the robust performance of its banking businesses.
“We are pleased to see our businesses sustain their positive performance in the first quarter. As a group, we continue to search for value-accretive opportunities not only to create new sources of a financial growth, but also to remain relevant to our stakeholders, Ayala President and Chief Operating Officer Fernando Zobel de Ayala said.
He added: “As our emerging businesses maintain their growth trajectories, we are encouraged by the progress of our emerging businesses. In particular, our power, infrastructure, and industrial technologies units are pursuing strategic opportunities to scale up and over time bring significant value to our portfolio.”