MANILA, Philippines - Ayala Corp. sees its investments in the power sector to start paying off next year.
In a filing with the Securities and Exchange Commission, Ayala Corp. said its investments in power sector will help the conglomerate sustain stable growth in the near term.
"Ayala's earnings are expected to continue on a stable trajectory in the near term, driven mainly by the robust growth of the real estate business, the sustained strong performance of its banking unit and the steady growth of its water business," it said.
Ayala also expects earnings of its telco unit Globe Telecom to normalize, as the impact of the accelerated depreciation of certain assets due to the network modernization program become less evident.
"Its telecom unit's growth trajectory is expected to be strong as it benefits from the enhanced network capacities and capabilities," the company said.
Since it started investing in the power sector in 2011, Ayala Corp. has several power projects in the pipeline, committing over $300 million of equity on around 900 megawatts of gross generating capacity.