Ayala core net income hits near pre-pandemic levels

ABS-CBN News

Posted at Aug 12 2021 03:51 PM

Ayala Corporation president and CEO Fernando Zobel De Ayala.
Ayala Corporation president and CEO Fernando Zobel De Ayala. Jonathan Cellona, ABS-CBN News file photo

MANILA – Ayala Corp. said Thursday its core net income reached P13.3 billion in the first half of 2021, equivalent to 90 percent of its pre-pandemic level, as businesses continued to navigate challenges brought about by the COVID-19 outbreak.

Ayala’s revenues grew 24 percent from the same period last year to P122 billion, the company said in a statement.

Its property unit Ayala Land posted P49 billion in revenues driven by higher bookings from property development. 

Telecommunications giant Globe, meanwhile, recorded P75.5 billion in revenues on the back of continued demand for mobile and home broadband amid the pandemic.

AC Energy saw P13.4 billion in revenues as power demand returned to pre-pandemic levels.

AC Industrials’ revenues also soared to P40.7 billion as electronics manufacturer IMI ramped up production following loosening quarantine restrictions and demand recovery across its businesses.

BPI, meanwhile saw its revenues decline seven percent to P48.1 billion from muted loan demand. 

“Our first semester results show recovery in the business environment compared to last year. However, increasing infections from the Delta variant present new challenges”, said Ayala President and CEO Fernando Zobel de Ayala.

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