Ayala Corp. end-June ’14 net income up 34%

By Joann Santiago

MANILA, Aug. 14 (PNA) — Robust earnings of its core businesses allowed Ayala Corporation to post a 34 percent year-on-year jump in net income in the first half of 2014 to P9.8 billion.

In a disclosure with the Philippine Stock Exchange (PSE) Thursday, the company attributed the income increase to higher share from Ayala Land, Globe Telecom and Manila Water.

It explained that Ayala Land registered a 25 percent expansion in net income in the first six months to P7.1 billion “as the positive momentum in the real estate sector continued.”

Also, Globe posted a record-high level revenue amounting to P47.7 billion, up seven percent against year-ago’s P44.5 billion.

”The robust revenue expansion was fuelled by the solid growth of all business segments as its mobile and broadband subscriber base expanded,” the disclosure said.

Manila Water registered a six percent growth in consolidated revenues, mainly due to 16 percent rise in consolidated billed volume.

”This was mainly due to the East Zone, which increased by three percent, while billed volume growth from new business also registered strong double-digit growth,” it said.

On the other hand, Ayala Corporation’s banking arm, the Bank of the Philippine Island (BPI), shared in lower revenues because of drop in trading gains.

”The bank’s core banking business, however, remained solid as net interest income in the first half increased by 15 percent relative to the same period in 2013,” it added. (PNA)