May 16, 2013

Ayala posts 29% profit hike in Q1

Ayala Corp.’s (AC) net income hit P4.5 B in the first quarter, up 29% from a year ago supported by higher income from its banking and property businesses. Core net income, which excludes the impact of Globe Telecom’s accelerated depreciation, jumped 49%  to P5.2  B compared with a year ago. The property and banking units accounted for 88% of AC’s equity earnings.

Specifically, BPI grew its profits 43%  to P8.4  B as its revenues rose 21%  given significant trading gains. BPI also recorded a 19% increase in net loans to P514 B, with growth noted across all market segments. Real estate unit ALI posted a 30% increase in its income to P2.8 B on strong property sales.

Manila Water Co. Inc., Metro Manila’s East Zone concessionaire, said its net income was flat at P1.3  B with revenues picking up 6% to P3.6 B. Globe Telecom, on the other hand, reported a net income of P656  M, down 76%  due to accelerated depreciation as the company modernizes its network. For this year, the conglomerate allotted P135 B in capital expenditures. - WealthSec