Corporate

Shell Pilipinas Corp. on Tuesday bared setting aside P3 billion as capital expenditure this year in an economy it projects growing at a fairly accelerated rate of 5.8 percent in terms of the gross domestic product (GDP) from last year's 5.6 percent.

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.

Converge Information and Communications Technology Solutions Inc., the only pure-play high-speed fixed broadband operator, on Tuesday reported an 18 percent growth in net income to P2.6 billion on strong subscriber growth and an improvement in churn rate.

Manila Water Services Inc., the water concession controlled by billionaire Enrique Razon Jr., on Tuesday reported a 37 percent surge in its first-quarter net income of P3.12 billion, pushed higher by the double-digit increase in water rates at the start of this year.

Bloomberry Resorts Corp., the resorts and casino business of tycoon Enrique Razon Jr., said Tuesday first-quarter net income declined 11 percent to P2.6 billion due mainly to pre-operating expenses of Solaire Resort North, the newest property of the listed company located in Quezon City.