Ayala Corp., the country’s oldest conglomerate, posted a seven percent decline in first-half core net income to ₱22.1 billion, squeezed by weaker contributions from real estate unit Ayala Land Inc. and reduced holdings in key affiliate companies.

The Zobel-led group reported to the Philippine Stock Exchange that earnings growth at Globe Telecom Inc. and AC Energy and Infrastructure Corp. (ACEIC), alongside steady results from Bank of the Philippine Islands (BPI), helped temper the impact of lower property income and diminished non-operating receipts.

Aggregate earnings from emerging businesses also contributed positively.

Non-operating income took a hit primarily due to lower dividend payments from Manila Water Co., following the full settlement of divested preferred shares, as well as a scaled-back stake in Mynt after Mitsubishi Corp. acquired a position in AM 50 Ventures Inc. last year.

Including one-off items, Ayala’s reported net income slipped two percent to ₱22.9 billion.

BPI maintained a flat net profit of ₱32.8 billion, as robust revenue generation was countered by elevated operating expenditures and credit provisions. Globe’s normalized net profit expanded 10 percent to ₱11 billion, propelled by record gross service revenues.

ACEIC, the parent entity of ACEN Corp., nearly doubled its net income to ₱4.9 billion from ₱2.5 billion a year earlier. The boost came from stronger thermal power plant operations, higher net interest income, and foreign exchange gains.

The conglomerate emphasized its resilient stance amid broader market instability, highlighting conservative leverage and solid liquidity. Consolidated cash balances reached ₱75.6 billion, while parent-level cash stood at ₱19.9 billion.

“A well-diversified portfolio coupled with good traction from initiatives undertaken over the past few years have produced solid results even in a period of geopolitical and macroeconomic challenges,” Ayala Chief Executive Officer Cezar P. Consing said in a statement.

“Seeing how our portfolio has performed in a challenging environment gives us confidence of the considerable value that can be created in a more benign environment,” he added.

Among its non-listed ventures, AC Health grew revenues by 25 percent to ₱7.5 billion. Expanding operations led to higher marketing and staffing overheads, widening its net loss to ₱167 million from ₱64 million previously.

Its provider group—comprising hospitals and clinics—logged a 32 percent revenue jump driven by rising patient volume, higher average client spending, and new traction from the Healthway Cancer Care Hospital and FEU-NRMF. Its pharmaceutical arm saw revenues rise 13 percent, buoyed by store network expansion for Generika and government contracts.

ACMobility swung to a core net loss of ₱57 million from a ₱34 million profit a year ago, excluding equity earnings from Honda Cars Philippines Inc. Margins were pressured by higher inventory costs triggered by weaker peso and slower demand for Kia and Isuzu units.

However, total unit sales advanced 25 percent to 25,048 vehicles, lifted by surging demand for BYD electric vehicles. This expanded ACMobility’s market share by 2.9 percentage points to 10.9 percent, making it the country’s third-largest automotive distributor.

Integrated Micro-Electronics Inc. recorded a 50 percent increase in net income—excluding losses from Via Optronics—to $14 million from $9.4 million, fueled by revenue expansion and wider profit margins.

Meanwhile, AC Logistics cut its net loss by 58 percent to ₱264 million from ₱631 million, benefiting from cost discipline, operational adjustments, and an improved revenue mix following a strategic reorganization. (James A. Loyola)