Ayala Corporation, in a disclosure to the Philippine Stock Exchange, reported posting a net income of P2.3 billion for the second quarter of 2010 or 21 percent higher than the figures netted in the same period in 2009.
The company attributes this robust growth to the strong performance of its real estate and banking units Ayala Land and Bank of the Philippine Islands (BPI) as well as Manila Water, Integrated Microelectronics, the automotive and business process outsourcing (BPO) units.
Altogether this resulted in a 24 percent growth year-on-year in equity earnings during the quarter.
This pushed Ayala’s consolidated net income in the first half of the year to P4.4 billion,nine percent higher year-on-year.
Equity earnings in the first semester rose by 15 percent to P5.7 billion with equity earnings from Ayala Land and BPI up by 31 percent and 14 percent, respectively.
This cushioned the impact of a 29 percent decline in equity earnings from Globe Telecom.
Equity earnings from AC Capital units also improved significantly reaching P915 million from P77 million in the same period last year fueled by a significant rise in earnings of Manila Water, IMI, Ayala Auto, and LiveIt.