Ayala sets P196B capex

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    Ayala Corp. said it looks at a capital expenditures of P196 billion this year — up 28.95 percent from last year’s P152 billion spending — P11.5 billion of which is earmarked to support emerging businesses in its portfolio.

    Ayala said profit last year reached P17.14 billion, down 51.42 percent from 2019’s P35.28 billion.

    Revenues reached P219.92 billion, down 25.51 percent from the prior years P295.26 billion.

    Ayala Land recorded a 74-percent drop in net income to P8.7 billion.

    Bank of the Philippine Islands’ net income declined 26 percent to P21.4 billion on the back of P28 billion in loan loss provisions, five times higher than the P5.6 billion allocated in the same period the previous year.

    Globe Telecom Inc. posted profit of P18.6 billion, down 16 percent “driven by a moderate decline in gross service revenues, higher depreciation expenses from its continued network investments, and higher non-operating expenses.

    AC Energy Corp. recorded a P6.2 billion profit, down from its year-ago level of P24.5 billion, which included gains from the partial divestment of its thermal assets.

    AC Industrials narrowed its net loss to P1.8 billion in 2020 from P2.4 billion the previous year mainly due to improved results of IMI and MT Group .

    Manila Water Co. Inc. reported profit of P4.5 billion, down 18 percent due to a one-off recognition for additional estimates for probable losses and lower contributions from domestic subsidiaries due to the impact of COVID-19.