Ayala Corp., a diversified investment holding company, said Tuesday first-quarter net income surged 28 percent to P13 billion, aided by strong performances from its banking, property, and renewable energy businesses.
Total revenue rose 11 percent to P87.27 billion, bolstered by the 43 percent jump in sale of goods during the quarter to P32.02 billion.
Ayala said the Bank of the Philippine Islands saw net income rise 26 percent to P15.3 billion as strong revenue growth offset higher operating expenses and provision while Ayala Land Inc. increased net income by 39 percent to P6.3 billion on healthy property demand and resilient consumer spending.
ACEN Corp., Ayala’s renewable energy arm, recorded a 34 percent growth in first-quarter net income to P2.7 billion as attributable energy output surged 49 percent to 1,580 gigaWatt hours. This helped AC Energy & Infrastructure, ACEN’s parent company, boost core earnings by 34 percent to P3.1 billion.
Ayala said Globe Telecom net income declined 7 percent to P6.8 billion mainly due to higher depreciation expenses and non-operating charges, which includes the tower sale.
“We are seeing growth momentum across most of our businesses. This speaks to the resilience of the economy and our ability to provide products and services that are valued by customers,” Ayala president and chief executive officer Cezar Consing said.
Meantime, AC Health continues to gain traction across all its pillars, pushing revenues 14 percent higher to P2.2 billion.
