Ayala records P45-B profit as of end-Sept

AYALA Corp. saw net income for the first nine months of the year climb to P44.68 billion from P35.32 billion a year ago, fueled by higher contributions from units Bank of the Philippine Islands (BPI), Ayala Land, and ACEN Corp.

Consolidated revenues surged to P245.38 billion from P216.2 billion last year, the conglomerate said in a disclosure on Tuesday.

Core net income, meanwhile, grew 42 percent year on year to P31 billion.

“Accounting for all one-off items, Ayala posted P32.3 billion in net income in the first nine months of 2023, up 35 percent versus the same period last year,” the disclosure read.

Based on unaudited financial statements, total costs and expenses that grew to P190.43 billion from P168.14 billion partly offset the top-line improvement.

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BPI posted a 26-percent year-on-year increase in net income to P38.6 billion due to sustained loan growth, margin expansion and reduced provisions.

Ayala Land, meanwhile, reported a 38-percent year-on-year growth in net earnings to P18.4 billion, anchored on the continuing resilience of the residential market and consumer activity.

ACEN’s net income climbed 59 percent year on year to P6.6 billion on the back of the new capacity and the company’s sustained net seller position.

The nine-month net income of Globe Telecom, however, declined 27 percent year on year to P19.4 billion due to the absence of a one-time gain recorded last year from the partial sale of its data center business.

As of the end of September, the conglomerate’s total assets were said to have reached P1.57 trillion, while total liabilities amounted to P893.51 billion.

Ayala shares were unchanged at P620 apiece on Tuesday amid a 0.09-percent drop in the benchmark Philippine Stock Exchange index.