Ayala half-year net income doubles

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Ayala Corporation reported a net income of P37.8B in the first half of the year, a twofold growth from the same period a year ago.

In a disclosure to the Philippine Stock Exchange (PSEi), the Ayala-led company said the increase was driven by solid growth in its banking, telecommunications and real estate units combined with gains from value realization exercises in its emerging business interests.

Equity earnings from Ayala’s business units, which include divestment gains from the merger of AC Education with iPeople and partial divestment of AC Energy’s thermal assets also doubled to ₱41.7 billion in the first semester.

“Our first-half results reflect the strength of our core holdings in real estate, banking, and telecommunications. This was complemented by the value realization initiatives in our energy business,” Ayala President and chief operating officer Fernando Zobel de Ayala said.

“We are pleased with the rapid growth of AC Energy, its growing contribution to our overall profitability, and the regular value realization exercises to deliver investment returns to Ayala,” he added.

Ayala Land, the real estate arm of Ayala Corp., earlier reported a 12-percent increase in its net income for the first six months of the year.

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