Ayala Corp. recorded profit of P11.36 billion in the first nine months of the year, down 75.39 percent from last year’s P46.16 billion.
Revenues reached P153.76 billion, down 28.37 percent percent from P214.66 billion last year.
The company said the drop is attributed to recorded low profits due to the coronavirus disease 2019 (COVID-19) pandemic whichrestricted construction activity and mall operations in unit Ayala Land Inc. since mid-March
Bank of the Philippine Island posted aggressive loan loss provisions to cushion the impact of the COVID-19.
Ayala Land posted profit of P6.4 billion, down 73 percent, as it posted lower project bookings from suspended construction activity, restricted mall and hotel operations, and closure of resorts.
BPI net income hit P17.2 billion, down 22 percent due to the P21.1 billion in loan loss provisions it booked in anticipation of an increase in non-performing loans.
“The provision was 4.6x higher than the P4.6 billion allocated in the same period last year,” Ayala said.
Globe Telecom Inc. posted profit of P15.9 billion, down 10 percent, primarily driven by higher depreciation expenses from its continued network investments.
AC Energy’s profit hit P5.6 billion, down from last year’s P24.3 billion.
AC Industrials recorded a net loss of P2.1 billion, as its global manufacturing arm started to gradually recover on the back of renewed demand and normalized operations.
Ayala closed the period with a cash of net P16.6 billion.