AYALA Corp. booked a 30.9% increase in attributable net income for the first quarter to P10.22 billion from P7.81 billion the previous year as most of its businesses reported higher earnings, the company said on Wednesday.
“One of our priorities is to end 2023 with profits above pre-COVID levels. Given our first quarter results, our constructive outlook for the year remains intact,” Ayala President and Chief Executive Officer Cezar P. Consing said in a statement.
Consolidated revenues for the quarter went up by 19.7% to P78.97 billion from P65.98 billion in the same period last year.
Ayala’s banking business Bank of the Philippine Islands (BPI) reported a 52% increase in net income to P12.1 billion, driven by sustained loan and margin growth, increased fee income, and lower loan loss provisions.
BPI’s total revenues for the quarter rose by 25% to P31.7 billion due to an increase in net interest and noninterest income, which went up by 27% and 19%, respectively.
Ayala Land, Inc. saw a 42% increase in net income for the three-month period to P4.5 billion, while revenues jumped by 26% to P30.9 billion due to higher contributions from all its business lines.
Commercial leasing revenues amounted to P10.1 billion, up 57% on improved mall tenant sales, stable demand for new office spaces, and a boost in hotels and resorts.
Ayala Land’s topline for property development inched up by 8% to P17.1 billion due to higher residential completions, bookings, and the sale of office units.
Its residential sales reservation rose by 15% to P27.7 billion due to resilient demand despite elevated interest rates. It launched three new projects during the January-to-March period amounting to P8.6 billion.
Meanwhile, Globe Telecom, Inc. reported a 47% decline in net income in the first quarter to P7.3 billion due “to a one-time net gain of P8.5 billion on the partial sale of Globe’s data center business in the same period last year.”
Revenues from digital service went up 80% to P1.4 billion due to strong results from its businesses.
Total service revenues, likewise, increased by 2% to P40 billion on the back of growing data and digital service revenue.
Ayala’s power segment, ACEN Corp., booked a net income of P2 billion, five times higher than in the same period last year, due to strong revenue growth.
ACEN’s consolidated revenues gained 23% to P9.1 billion driven by “higher net generation from wind sources and the commissioning of new power plants in the Philippines and Australia.”
Ayala shares rose by 0.76% or P5 to P666.5 apiece on Wednesday. — Adrian H. Halili
