Ayala profit plunges 79%

    272

    Ayala Corp. said profit for the first half of the year hit P7.94 billion, down 79 percent from the prior year’s P37.84 billion.

    Revenues stood at P100.3 billion, down 29.6 percent from P142.48 billion last year.

    The company in a statement said the decline was primarily caused by Bank of the Philippine Islands’ “aggressive loan loss provisions in the second quarter,” coupled with Ayala Land Inc.’s limited construction activities and mall operations since the start of the quarantine in March, and the base effect of divestment gains in power and education booked in the same period last year.

    BPI profit declined 15 percent to P11.7 billion, as it booked P15 billion in provisions for the potential adverse impact of the pandemic to non-performing loans.

    Ayala Land’s profit dropped 70 percent to P4.5 billion.

    Globe Telecom Inc. profit dropped 5 percent to P11.5 billion on higher depreciation expenses from continued network investments.

    AC Energy Philippines Inc.’s profit dropped 80.6 percent to P4.5 billion.

    Manila Water Services Inc.’s profit dropped 15 percent to P2.5 billion as higher contributions from the east zone concession were weighed down by lower earnings from non-east zone businesses.

    AC Industrials reported profit of P1.8 billion as global manufacturing industry and Philippine automotive business were significantly impacted by the global health crisis. Integrated Microelectronics Inc., which supplies many key automotive components, recorded profit of $21.5 million as revenues dropped 25 percent to $476 million due to plant shutdowns in various operating regions.