6 months Ayala Corp. profit surges to P37.8 B on one-time gains MB |Biz
By James A. Loyola Ayala Corporation, the country’s oldest conglomerate, reported that its net income expanded twofold in the first half of the year to P37.8 billion from a year ago, driven by the solid growth of its banking, telecommunications, and real estate units. In a disclosure, the firm said earnings were also boosted by gains from value realization exercises in its emerging businesses. Equity earnings from Ayala’s business units, which include divestment gains from the merger of AC Education with iPeople and partial divestment of AC Energy’s thermal assets doubled to P41.7 billion in the first semester. “Our ... more