Ayala profit doubles

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    Ayala Corp. reported its profit in the first nine months of the year surged 93.46 percent to P46.16 billion, from P23.86 billion last year.

    Consolidated revenues grew 4.2 percent to P232.88 billion from P223.48 billion.

    The company said equity earnings from business units grew 77 percent to P51.9 billion, boosted by contributions from the Bank of the Philippine Islands (BPI), Ayala Land and AC Energy. It also recognized gains from the merger of AC Education with iPeople and from the partial divestment of AC Energy’s thermal assets.

    “All these cushioned the impact of weaker results of AC Industrials, which is experiencing headwinds from one of the sharpest and most widespread downturns in global manufacturing that significantly weighed on most of its business lines,” Ayala said.

    Ayala Land’s profit rose 12 percent to P23.2 billion from P20.8 billion last year, BPI’s profit grew 30 percent to P22 billion, Globe Telecom’s profit went up 20 percent to P17.7 billion from last year’s P14.8 billion, while Manila Water Co.’s profit dropped 11 percent to P4.4 billion.

    AC Energy reported profits of P24.3 billion, while AC Industrials posted a loss of P1.6 billion on weak performance across its business lines.