This cushioned the impact of weaker result of AC Industrials, which is experiencing headwinds as a result of weaker global manufacturing activities. In the third quarter alone, Ayala’s net profit expanded seven percent to P8.3 billion, supported by robust results from BPI and AC Energy, said Ayala president and chief operating officer Fernando Zobel de Ayala. For AC Industrials, the setbacks are temporary, he said. “We believe the strategies put forth in AC industrials continue to be promising, but are saddled near-term by geopolitical and trade issues. IMI recorded a significant drop in its net profit to $451,000 as the continued slowdown in IMI’s main market segments, compounded by the effects of various geopolitical issues, hindered growth.

Source: Philippine Star November 12, 2019 17:52 UTC