AYALA Corp. posted profits of P6.7 billion in the first quarter, down 17 percent from P5.72 billion last year, as the coronavirus disease (COVID-19) health crisis affected most of its business units.
Revenues amounted to P61.72 billion, down from P69.51 billion a year ago.
“Ayala’s core businesses Ayala Land and Bank of the Philippine Islands (BPI) recorded weak results on the impact of government-mandated Enhanced Community Quarantine protocols, which took effect last March 16,” the company said.
“Other core pillars Globe and AC Energy held steady during the period as telco and power generation continued to operate during the quarantine albeit on skeleton staffing,” it added.
The realty arm Ayala Land Inc. posted profits of P4.3 billion, down 41 percent, as revenues fell 28 percent to P28.4 billion.
The banking business under BPI saw profit decline 5 percent to P6.4 billion, as it booked P4.2 billion as loan loss provisions due to the COVID-19 health crisis, 2.4x higher than the P1.8 billion allocated last year. Revenues grew 11 percent to P25.3 billion.
Profit of the telco business under Globe Telecom Inc. dropped 2 percent to P6.6 billion, due to an increase in depreciation from network investments made and non-operating charges likewise increasing.
Revenues climbed 2 percent to P36.9 billion driven by data revenues, which comprised 75 percent of the figure versus 69 percent last year.
AC Energy’s profit stood at P1.96 billion, up from P2 million a year ago, largely driven by its P1.3 billion pre-operating revenue from GN Power Kauswagan and recovery of costs incurred from adjustments in the construction and operations of its power plants.
Manila Water Co. Inc. posted profits of P1.3 billion, up 4 percent, mainly due to the impact of the P534 million Metropolitan Waterworks and Sewerage System penalty and P353 million bill waiver from the water crisis last year.
Revenues rose 9 percent to P0.35 billion driven by higher billed volumes and the gross bill waiver incurred last year.
AC Industrials posted a loss of P564 million due to softer performance of the global economy and the Philippine automotive sector in the first quarter of the year.
