Manila Bulletin
Ayala profits improve 23% to P23.9 B
Ayala Corporation reported a 23 percent increase in net income, reaching P23.9 billion from January to September, driven by the overall improvement in economic activities.
Key subsidiaries like Ayala Land, Bank of the Philippine Islands (BPI), and Globe Telecom significantly contributed to this growth.
Ayala Land's net income rose by 55 percent to P13.3 billion, while BPI's earnings expanded by 75 percent to P30.5 billion.
Globe Telecom also saw its net income grow by 48 percent to P26.5 billion during the same period.
Ayala President and CEO Cezar Consing attributed the strong performance to their dominant market positions in major industrial sectors and the economy's reopening.
Despite the overall positive trend, ACEN's net income experienced a slight decline of 4 percent, amounting to P4.1 billion.
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Ayala Land Inc. reported a significant 55% increase in its net income for the first nine months of 2022, reaching P13.3 billion, driven by the resurgence of business and consumer activity in the Philippines' reopened economy.
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AREIT Inc., affiliated with Ayala Land, reported a 69.2% increase in its third-quarter net income to P814.21 million due to higher contributions from its asset infusions last year.
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