MANILA, Philippines - Ayala Corp.'s first quarter profit jumped 42% to P3.48 billion from P2.45 billion during the same period last year, as its property, banking and water businesses showed double-digit growth in earnings.
In a report filed at the stock exchange, Ayala said the first quarter results were also helped by improved earnings from its electronics and business process outsourcing businesses.
Property development arm Ayala Land Inc. posted 31% increase in net income to P2.1 billion, on strong revenues and net income margin improvement. Revenues jumped 17% to P12.4 billion, as demand remained high and its sales take-up for residential products hit another quarterly record.
Bank of the Philippine Islands (BPI) posted a net income of P5.8 billion in the first 3 months of the year, more than double the P2.8 billion during the same period in 2011. BPI's profit was fueled by its core banking business and securities trading gains.
However, Globe Telecom saw a 10% decline in its consolidated net income to P2.7 billion in the first quarter, as the telecommunications company continued to make significant investments in subscriber acquisitions and network infrastructure.
Manila Water Co. reported a 64% surge in net income to P1.3 billion in the January to March period, due to strong sales in the East Zone and the impact of the tarriff increase implemented at the start of 2012.
Ayala's international businesses boasted of improved performance. Integrated Microelectronics Inc. posted a 128% increase in net income, as its business expanded in Europe and Mexico. The investee companies of its BPO holding company LiveIt also reported combined revenues of $255 million, of which $83 million was LiveIt's share.