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MANILA – Ayala Corp. said Thursday that its third-quarter net income improved to P3.4 billion compared to the last few quarters thanks to gains from its property, banks and industrial businesses as the economy began to reopen.
“It is encouraging to see improvements in the performance of our businesses as the economy gradually reopens. Ayala Land, BPI and AC Industrials have shown a marked recovery in their third quarter results compared to the prior period,” said the president and director of operations of Ayala Fernando Zobel de Ayala said.
Ayala noted that its telecommunications and energy businesses also maintained a stable performance in the quarter.
“We hope to see this sustained trajectory in our businesses with further relaxation of restrictions,” said Zobel de Ayala.
During the first nine months of the year, Ayala’s net income declined 75 percent to P11.4 billion from P46.2 billion a year ago.
The decrease was attributed to the slowdown in the adoption of construction and shopping centers for property, the aggressive provision for loan losses for banks and the effect of the divestment gains obtained last year.
The company said its P9.2 billion capex for the year was invested primarily in new Ayala business.
Ayala’s AC Energy is aggressively expanding with investments in the Asia Pacific region to meet its target of 5 gigawatts (GW) of renewable energy portfolio by 2025.
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