Conglomerate Ayala Corp. booked P5.4 billion in first quarter net profit, down by 19 percent year-on-year, as the prolonged COVID-19 pandemic put a strain on the earnings contributions of its banking, property and water businesses.
Excluding nonrecurring items, Ayala’s first quarter core net income amounted to P7.2 billion, down by 9 percent year-on-year. Compared to the fourth quarter of 2020, Ayala’s core income grew by 5 percent, while the attributable net income declined by 7 percent.
“The challenges and prospects brought about by the pandemic is an opportune time to recalibrate Ayala’s portfolio strategy. In the next three years, we aim to sharpen the components of our portfol…
Keep on reading: Ayala Corp. profit down 19% in Q1