Ayala Q1 Profit Dips on Lower Telco, Energy Earnings

Ayala Corp., the country's oldest conglomerate, saw a slight dip in its profit in the first quarter due to lower earnings from its telecommunications and energy businesses.

- — Richmond Mercurio

Ayala's core net income, which excludes one-off items, slipped by four percent year-on-year to P11.3 billion as healthy contributions from Bank of the Philippine Islands (BPI) and Ayala Land failed to offset lower earnings from Globe and AC Energy & Infrastructure Corp., the parent company of ACEN.

Including one-off items, Ayala's net income, likewise, declined by four percent to P12.6 billion.

Ayala president and CEO Cezar Consing said the group is seeing strong starts from its banking, real estate and fintech businesses, while its telco and energy businesses have some catching up to do.