AYALA Corp. saw its consolidated net income plunge by double digits last year due to the weak performance of its water and manufacturing segments. In a disclosure on Thursday, the listed conglomerate reported that its consolidated net income reached P41.98 billion last year, which was 23.76 percent lower than P55.07 billion in 2018. Net income attributable to the parent firm, meanwhile, rose 10.88 percent to P35.28 billion in 2019 from P31.82 billion the previous year. Integrated Micro-Electronics Inc. posted a net loss of $7.8 million last year and recorded revenues of $1 billion. AC Motors booked a P337-million net loss because of lower sales volume in the Honda, Isuzu and Volkswagen brands.

Source: Manila Times March 12, 2020 18:11 UTC