Ayala Corp reports 17% Q1 profit drop

Ayala Corporation reported a 17% drop in net income to P6.7 billion for Q1 2020 due to the pandemic.

Revenues fell by 11% to P61.7 billion during the quarter, with property, banking, and industrial businesses being most affected.

Without the impact of the pandemic, Ayala's profits would have been flat year-on-year, including gains from the merger of AC Education and iPeople.

Globe and AC Energy reported steady figures due to skeleton staffing.

Ayala prioritized workforce welfare and supported government efforts during the crisis.