Ayala Corporation, the country’s oldest conglomerate, reported a 45 percent jump in attributable net income to P7.8 billion in the first quarter of 2022 from P5.4 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said growth came on the back of improved results from Ayala Land and Bank of the Philippine Islands, which saw double-digit earnings growth in the period, because of better mobility and general economic activity particularly in March.
Globe Telecom’s partial sale of its data center business also boosted the company’s first quarter results.
Ayala Land’s net income increased 14 percent to P3.2 billion in the first quarter of 2022 due to higher operating results from its shopping centers and hotels and resorts from improved mobility as well as lower expenses.
BPI posted a net income of P8 billion in the first quarter, expanding 60 percent from a year ago, on higher net interest income, lower loan loss provisions, and normalized tax expenses.
Globe’s net income increased 86 percent to P13.7 billion in the first quarter of 2022 mainly due to the P8.5 billion net gain from the partial sale of its data center business.
These cushioned softer contributions from AC Energy and Manila Water Company. ACEN’s net income declined 68 percent to P405 million in the first quarter of 2022 while Manila Water’s net income decreased 29 percent to P925 million due to higher cost and expenses.
“While the surge in infections at the start of the year delayed the expected full reopening of economic activity, the de-escalation of mobility restrictions in March are starting to be felt in our cyclical businesses in real estate and banking,” Ayala President and CEO Fernando Zobel de Ayala said.
He added that, “This encouraging development enables us to continue pursuing our investment programs and deploying capital into various growth initiatives in the Ayala group.” he added.