DIVERSIFIED conglomerate Ayala Corp.’s nine-month net earnings nearly doubled to P46.2 billion from P23.86 billion in the previous year on the back of robust performance of its real estate, banking and telecommunications segments. “We are pleased to see sustained growth in most of our core businesses continuing to provide stability in our earnings,” Ayala President and Chief Operating Officer Fernando Zobel de Ayala said in a disclosure on Tuesday. Ayala Land Inc., meanwhile, posted net income of P23.2 billion in the first three quarters, 23-percent higher than previous year’s P20.8 billion, driven by sales of office, commercial and industrial lots, and leasing of commercial assets. The Ayala property arm spent P78.2 billion in capital expenditures in the first three quarters for project development and land acquisition. “We continue to be mindful of the challenges in some sectors, particularly AC Industrials and the global manufacturing space,” Zobel de Ayala said.

Source: Manila Times November 12, 2019 18:13 UTC