Ayala Corp.’s core net income slipped by 9 percent year-on-year to P7.2 billion in January to March as the pandemic continued to impact most of its businesses. In a disclosure on Friday, the diversified conglomerate said its reported net income slumped by 19 percent year-on-year to P5.4 billion during the period. Ayala’s real estate segment, Ayala Land Inc., posted a 36-percent weaker net income of P2.8 billion and 13-percent lower revenues of P24.6 billion in the first quarter. AC Industrials narrowed its net loss to P200 million attributed to the improved contributions of its global manufacturing business and local automotive operations. Integrated Micro-Electronics Inc. ended with a $2.2-million income, reversing its year-on-year loss, amid tight supply levels in the electronics component market.

Source: Manila Times May 14, 2021 16:52 UTC