Ayala Corp. (AC) saw its first-quarter net income slip 5 percent to P12 billion from a year ago, dragged by weaker property earnings and the absence of last year’s one-time gain from Mynt’s investment deal with Japan’s MUFG.

Excluding non-recurring items, AC’s core net income was flat at P11.2 billion, as stronger contributions from BPI, Globe Telecom, and its energy and infrastructure businesses cushioned softer results from Ayala Land.

“Given global macro conditions, our near-term focus is on resiliency through stronger cash generation, prudent cost management, and disciplined capital allocation. Our portfolio is positioned for long-term value creation,” AC CEO Cezar P. Consing said on Wednesday.

BPI posted a 2 percent increase in net income to P16.9 billion, supported by higher revenues from loans and fees. Globe’s core net income rose 9 percent to P4.9 billion as demand for mobile data and broadband services remained strong. 

AC’s energy and infrastructure arm, ACEIC, saw net income jump 60 percent to P2.6 billion, helped by stronger contributions from ACEN and foreign exchange gains. 

Meanwhile, Ayala Land’s net income dropped 23 percent to P5.4 billion due to slower property development revenues, although its leasing and hotel businesses continued to grow. 

Despite the headwinds, AC said its financial position remained strong, with consolidated cash reaching P71.9 billion and parent-level cash rising to P15.9 billion.