Ayala boosts 2018 capex to P249 billion

The Ayala group is expanding its capital expenditure budget by nearly half to support the expansion of its business units after growing profits for the sixth consecutive year.

In a statement, Ayala Corp. announced it will allocate P249 billion for capex this year, an improvement of 44% from a year ago, to finance its own investment program as well as the growth strategies of its real estate, telecommunications and water utility units.

Ayala netted P30.3 billion last year, up 16% from the previous year due to the double-digit growth of its property and power businesses. — Krista Angela M. Montealegre