Despite quarter-on-quarter growth in the last three months of 2020, Ayala Corp.’s full-year net income tumbled by 51 percent to P17.1 billion as government restrictions aimed at containing Covid-19 hampered the operations of its businesses. Energy subsidiary AC Energy’s net income dipped to P6.2 billion from P24.5 billion in 2019, while Manila Water Co. Inc’s profit lost 18 percent to P4.5 billion. IMI’s net loss shrank to $3.5 million from $7.8 million. AC Motors also incurred an P886-million net loss as automobile demand remained weak because of the pandemic. Zobel de Ayala said the Ayala Group allocated P196 billion in capital expenditures (capex) this year.

Source: Manila Times March 11, 2021 16:18 UTC