Ayala Corp.’s first-half core net income slipped 2 percent to P23.7 billion due to weaker results from Globe Telecom and AC Energy & Infrastructure Corp. (ACEIC).
However, robust growth from Bank of the Philippine Islands (BPI), Ayala Land, and other portfolio units helped cushion the decline.
“While our telco and energy businesses have some catching up to do, our full year targets remain achievable,” Ayala President and CEO Cezar P. Consing said in a stock exchange report on Wednesday.
BPI’s net income climbed 8 percent to P33 billion on strong loan expansion and sustained net interest margin growth, with return on equity at 14.9 percent. Loan growth was broad-based, led by a 27 percent jump in non-institutional lending.
Ayala Land’s earnings rose 8 percent to P14.2 billion, buoyed by steady property development sales and record leasing revenues despite mall reinvention works. Commercial and industrial lot sales were also robust.
Globe’s core net income fell 11 percent to P10.4 billion due to lower service revenues and higher depreciation and interest costs, though second-quarter profit jumped 30 percent due to stronger data usage and Mynt contributions.
ACEN’s core net income dropped 24 percent to P3.5 billion on weaker renewable output, damaged wind farms, and lower market prices.
ACEIC’s earnings fell 39 percent to P4.1 billion on reduced ACEN and thermal contributions, lower interest income, and foreign exchange losses.
Portfolio units saw mixed results: AC Health narrowed its loss, ACMobility’s profit surged on electric vehicle sales, IMI swung to a profit, and AC Logistics cut its losses.