Philippine Daily Inquirer
2:42 pm | Tuesday, March 11th, 2014
Ayala Corp. chair Jaime Augusto Zobel de Ayala
MANILA, Philippines—Ayala Corp. increased its net profit last year by 22 percent to P12.8 billion mainly on the back of its real estate and banking businesses.
Taking out non-recurring items, particularly the impact of the accelerated depreciation from telecom unit’s network transformation initiative, Ayala’s core net income in 2013 amounted to P14.8 billion, a 28-percent improvement from the previous year.
Last year’s results were boosted by significant improvements in equity earnings of its electronics and business process outsourcing businesses, the conglomerate reported.
“We are encouraged by the strong performance across our business units as they reap the benefits of the aggressive growth strategies they started a few years back. In turn, we have also been able to optimize earnings and value at the parent level as we continued to rebalance our portfolio and adjusted our ownership, particularly in our banking and water units, over the past year,” Ayala president and chief operating officer Fernando Zobel de Ayala said in a press statement.
“As we ramp up our power business and as the economic environment remains sound, we are optimistic we can sustain double-digit earnings growth through 2014,” Zobel added.
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Tags: ayala corp. , Business , profitability
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