Despite strong contributions from its banking and property units, Ayala Corp.​, the country’s oldest conglomerate​, saw its core net income slip four percent to P11.3 billion in the first quarter, dragged by weaker performance in its telecom and energy businesses.

In a stock exchange report on Tuesday, the company said Bank of the Philippine Islands (BPI) saw a nine percent increase in net income to P16.6 billion on strong loan growth and higher net interest margin, which expanded to 4.49 percent.

Ayala Land’s income rose 10 percent to P6.9 billion, lifted by higher revenues from property development, leasing, and hospitality.

Meanwhile, Globe Telecom’s core net income dropped 22 percent to P4.5 billion amid softer gross service revenues, increased financing costs, and higher depreciation. However, net income rose three percent to P7 billion, helped by a P2.2-billion dilution gain from its ownership in Mynt, the operator of mobile e-wallet GCash.

ACEN, the group’s listed energy platform, posted a 28 percent drop in net income to P2 billion due to weaker Philippine generation and spot market prices. Its parent, AC Energy & Infrastructure Corp., saw core net income fall 46 percent to P1.7 billion, dragged down by higher depreciation, interest costs, and forex losses.

“We are seeing strong starts from our banking, real estate, and fintech businesses. Our telco and energy businesses have some catching up to do. Our smaller, newer companies are turning the corner,” AC President and CEO Cezar P. Consing said.

Nonetheless, Consing said Ayala remains on track and “constructive on the year.”

AC’s other portfolio businesses — including AC Health, AC Logistics, and AC Industrials — narrowed losses for the quarter, contributing to the company’s cautious optimism for the rest of the year.

As of the end of March, AC said it continues to have solid access to funding from banks, multilaterals, and capital markets, with its balance sheet remaining sound.

Consolidated cash stood at P75.9 billion, while consolidated net debt rose two percent to P603.5 billion. Its net debt-to-equity ratio was stable at 0.82x, well below the 3.0x covenant.