Ayala Corp. (AC)’s real estate and power units boosted its earnings for the first quarter of 2018, with net income attributable to the parent up 10% year-on-year.
In a statement issued Friday, the listed conglomerate reported an attributable profit of P7.7 billion for the January to March period, higher than the P6.93 billion posted at the same time a year earlier.
AC generated P70.29 billion worth of revenues, a 17% improvement from the same period a year ago.
“The sustained growth momentum in our portfolio reflects the progress we have made in our long-term diversification strategy to establish new pillars of growth and expand into new markets,” AC President and Chief Operating Officer Fernando Zobel de Ayala said in a statement.
AC has core interests in property development, banking, telecom, water, power, and manufacturing and automotives. — Arra B. Francia