Listed Ayala Corp.’s net income plunged by 75 percent year-on-year to P11.4 billion in the first nine months of 2020 after its core businesses posted lower net profits in the period. “Meanwhile, Globe and AC Energy are fairly stable components that have provided a boost in our portfolio in recent months. AC Energy Inc.’s three-quarter profit contracted to P5.6 billion from P24.3 billion last year. AC Industrials incurred a net loss of P2.1 in the nine months despite its manufacturing arm, Integrated Micro-Electronics Inc. (IMI), slowly recovering on renewed demand and normalized operations. Ayala Corp. shares decreased by P26 or 2.99 percent to close at P844 each on Friday.

Source: Manila Times November 13, 2020 16:52 UTC