Ayala Corporation reported a net income of ₱10.4 billion in the first semester, expanding 31 percent from the low base of the previous year when the metropolis was under a higher quarantine status.
The improved results of its business units supported Ayala’s earnings:
▪ Ayala Land registered a net income growth of 34 percent to ₱6 billion showing significant improvements in performance compared to the first half of 2020 during the onset of the pandemic.
▪ BPI’s net income went up one percent to ₱11.8 billion due to lower loan loss provisions.
▪ Globe recorded a net income growth of 13 percent to ₱13 billion on higher gross service
revenues as well as the positive impact of the CREATE law.
▪ AC Energy Corporation (ACEN) posted a net income growth of five percent to ₱2.7 billion as power demand returned to pre-pandemic levels and additional renewables capacity were added. This was partially tempered by high spot electricity purchases during a thermal outage and the absence of non-recurring gains during the period.
▪ Manila Water’s net income improved 10 percent to ₱2.7 billion, mainly due to the absence of provisions and adjustments made in the same period last year.
▪ In accordance with accounting standards, Ayala’s investment in Manila Water was reclassified from a subsidiary to an Investment in Associates beginning June 3, 2021, following loss of control. This reflects Ayala’s reduced economic interest in the company from 51.4 percent to 38.6 percent following the completion of Trident Water’s acquisition of a majority stake in Manila Water.
▪ AC Industrials narrowed its net losses from ₱1.8 billion in the previous year to ₱592 million due to better results across its subsidiaries, including IMI and AC Motors.
