Ayala Corporation's First-Quarter Net Rose on Higher Contribution from Businesses
By Amanda Lee
Ayala Corporation's net rose in the first quarter, mainly supported by higher contributions from its property and energy businesses.
The Philippine conglomerate's net profit rose 28% to 13.07 billion pesos ($225.9 million) for the quarter ended March compared with the same period a year earlier, it said Tuesday.
Revenue rose 10% to PHP87.27 billion.
Its subsidiary Ayala Land's net income jumped 39% to PHP6.3 billion, while energy company ACEN's net income rose 34% to PHP2.7 billion.
"We are seeing growth momentum across most of our businesses. This speaks to the resilience of the economy and our ability to provide products and services that are valued by customers," said Ayala president and CEO Cezar P. Consing.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
May 14, 2024 22:14 ET (02:14 GMT)
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