Ayala profit surges on Mynt revaluation

Ayala Corp., the country’s oldest conglomerate, reported a sharp increase in profits for the first nine months of the year, driven by a onetime gain tied to the revaluation of its stake in GCash owner Mynt.

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, Nov. 13, the Zobel family-led holding company said its consolidated net income surged 36 percent year-on-year to P46.3 billion from January to September.

The main catalyst was a remeasurement gain booked after Mitsubishi Corp. subscribed to a 50-percent stake in AC Ventures, the unit holding Ayala’s indirect ownership in Mynt.

The firm’s core earnings, which strip out such exceptional items, remained stable year-on-year, though they showed sequential improvement in the third quarter, boosted by stronger contributions from its key units in banking and property.