Conglomerate Ayala Corp. reported a 56 percent jump in its six-month earnings to P16.3 billion as robust property, banking and telecom businesses and one-time asset sales made for the soft results of its energy unit.
With the improvement in mobility, business operations and overall economic activity, Ayala’s consolidated revenues grew 13 percent to P137.66 billion, largely driven by Bank of the Philippine Island’s higher revenues and reduced provisioning, Ayala Land’s strong leasing revenues from shopping centers and hotels and resorts, and Globe’s partial sale of its data center business.
Quarter-on-quarter, Ayala’s net income rose eight percent to ₱8.5 billion.
Excluding BPI’s gain from the sale of property in the second quarter and Globe’s gain from the partial sale of its data center business , Ayala’s core net income in the second quarter grew 26 percent to ₱7.4 billion.
“Our group’s performance in the first half reflects the momentum of the country’s reopening. This is particularly evident in our cyclical units, Ayala Land and BPI, which significantly rebounded in the second quarter amid revitalized mobility and consumer confidence,” Ayala president and CEO Fernando Zobel de Ayala said.
“However, Ayala is cognizant of the current macroeconomic headwinds that have impacted our businesses in varying degrees. While this is the case, we believe that there is still growth to be realized for the rest of the year with what we are seeing on the ground,” Zobel added.