Conglomerate Ayala Corp. on Friday reported a 10-percent jump in first quarter net income to P7.7 billion, attributing the gain to robust results from its real estate and power subsidiaries. The P7.7 billion net — up from P6.9 billion a year earlier — is attributable to owners of the parent firm, Ayala said in the disclosure. Ayala, the country’s oldest conglomerate, has interests in real estate, banking, telecommunications, utilities and infrastructure, healthcare and education. Manila Water’s first quarter net rose by 17 percent P1.7 billion, attributed to improved results from its concession and domestic business units coupled with lower depreciation costs. AC Industrials, on the other hand, saw net income drop by 36 percent to P217 million in the first quarter, attributed to a one-off expense and startup costs.

Source: Manila Times May 11, 2018 16:41 UTC