Ayala Corp’s second-quarter earnings up by 3%

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Ayala Corp. (AC) delivered a three percent profit increase in the second quarter of 2018, as its banking unit offset the stronger performance of its property and energy units.

In a statement issued Monday, the listed conglomerate said net income went up to P8.4 billion in the April to June period. On a six-month basis, AC’s net income grew by seven percent to P16.1 billion.

“These results validate our long-term strategy to achieve a more resilient portfolio by allocating capital to new businesses from which we can derive fresh sources of growth while continuing to expand our core businesses,” AC President and Chief Operating Officer Fernando Zobel de Ayala said in a statement. — Arra B. Francia