MANILA, Philippines - Ayala Corp., the country's oldest conglomerate, said Friday its first-half net income rose 12% from a year ago to P4.9 billion on the back of the strong performance of its big businesses.
"The company's results reflect the positive economic environment and the robust domestic demand that has been sustained since last year," said Ayala president and COO Fernando Zobel de Ayala.
Ayala owns property giant Ayala Land Inc., lender Bank of the Philippine Islands, telecom firm Globe Telecom Inc. and water distributor Manila Water Co. Inc. It also has investments in business process outsourcing under LiveIt, auto dealership, and electronics manufacturing through Integrated Microelectronics Inc.
"The aggressive moves of our business units to develop innovative products and services responsive to the needs of a much broader market have resulted in healthy revenue and earnings growth. We believe this momentum will continue through the rest of the year," Zobel added.
Ayala Land reported a 35% rise in first-half earnings to P3.4 billion on strong residential sales and commercial leasing. BPI, on the other hand, said double-digit growth in transaction volumes lifted its profit by 12% to P6.2 billion.
Globe Telecom saw its net income climb 9% to P5.5 billion, thanks to growth in its mobile and broadband businesses. Manila Water posted a 2% increase in net income to P2 billion, driven by a tariff hike.
Ayala's auto, electronics and BPO units posted lower earnings.