Ayala Corp. said it grew its profit in the first quarter of the year by 28 percent to P13 billion from P10.16 billion.
Core profit hit P11.8 billion, up 26 percent.
The conglomerate said a “continued strong performances” from core businesses – Bank of the Philippine Islands, Ayala Land Inc., Globe Telecom and ACEN Corp. – led the growth.
“Including one-off items, BPI’s net income expanded 26 percent to P15.3 billion as strong revenue growth offset higher operating expenses and provisions. This was a new record quarterly profit for the bank,” Ayala said.
Ayala Land delivered “significant earnings growth” underpinned by healthy property demand and resilient consumer activity, leading to a profit jump of 39 percent to P6.3 billion.
Ayala said ACEN posted a 49 percent increase in attributable renewable energy output to 1,580 gigawatt hours and a strengthened net selling position in the wholesale electricity spot market, leading the company to grow profit by 34 percent to P2.7billion.
AC Energy & Infrastructure (ACEIC), the parent company of ACEN, saw its core earnings grow 34 percent to P3.1 billion on ACEN’s higher contributions, as well as higher net financing income and forex gains.
Globe Telecom profit declined 7 percent to P6.8 billion mainly due to higher depreciation expenses and non-operating charges, which includes the tower sale. Core profit was up 13 percent to P5.8 billion on the back of a 3 percent growth in gross service revenues to P41.1 billion and 4 percent growth in earnings before interest taxes depreciation and amortization to P21.4 billion, an all-time high.
AC Health’s revenues up 14 percent to P2.2 billion.
AC Industrials narrowed its loss to P931 million from P980 million last year.
Of the total losses, P670 million came from an impairment provision for Via Optronics.
“Excluding provisions, normalized losses were at P243 million from P270 million,” it said.
