Ayala Corporation on Wednesday reported nearly flat earnings in the first quarter as weaker property sales at Ayala Land, Inc. weighed on overall results.
Ayala’s core net income stayed almost unchanged at P11.2 billion, while reported net income slipped 5 percent to P11.95 billion. Revenues were also mostly steady at P93.76 billion.
The biggest drag came from Ayala Land, whose profit fell 23 percent due to slower residential sales, reflecting softer demand in the property market.
Despite this, Ayala said it remains financially strong, with higher cash reserves and available credit facilities to manage uncertainty in the global economy. CEO Cezar P. Consing said the group is focusing on cash generation, cost control, and disciplined investments to stay resilient.
Other Ayala businesses posted mixed results. Bank of the Philippine Islands posted a 2 percent profit increase, supported by stronger revenues. Globe Telecom, Inc. saw profit fall 20 percent because last year included one-time gains, although its fintech affiliate Globe Fintech Innovations, Inc. or GCash continued to grow and now contributes a larger share of Globe’s earnings.
Meanwhile, renewable energy firm ACEN Corporation reported lower profits due to higher financing and depreciation costs, while AC Health widened its losses despite strong revenue growth from hospitals, clinics, and pharmaceutical operations.
The results highlight how Ayala’s diversified businesses helped offset weakness in real estate, showing the group’s ability to balance slower sectors with growth in banking, digital finance, and healthcare.
