Ayala Corp net income jumps 36% to P46.3 billion on one-off gains

Ayala Corporation, the Philippines' oldest conglomerate, reported a significant 36 percent increase in net income for the first nine months of the year, reaching P46.3 billion.

This profit surge was primarily driven by one-off gains from the revaluation of AC Ventures, which holds Ayala's direct stake in Mynt.

The re-measurement gain was recognized following Mitsubishi's acquisition of a 50 percent stake in AC Ventures, granting them indirect ownership in Mynt.

Excluding these one-off items, Ayala's core net income for the nine-month period remained stable at P36.6 billion.

Core net income for the third quarter specifically saw a four percent increase to P12.8 billion, boosted by stronger contributions from BPI and Ayala Land, as well as its portfolio businesses.

Ayala CEO Cezar Consing expressed confidence in the long-term growth of the Philippine economy, citing steady core businesses and improving portfolio businesses, alongside new initiatives in retail.