Core units propel higher earnings for Ayala Corp

Core earnings of Ayala Corp., the country's oldest conglomerate, capped off the nine months ending September with a double-digit expansion.

- -Richmond Mercurio

From January to September, Ayala's core net income went up by 19 percent year-on-year to P36.7 billion, boosted by units Bank of the Philippine Islands (BPI), Ayala Land, Globe and AC Energy & Infrastructure.

Including one-off items, Ayala's reported net income increased by five percent to P34 billion.

Ayala president and CEO Cezar Consing said the group's growth is being sustained by the strong performances of its core businesses.