Ayala Corporation, in a disclosure to the Philippine Stock Exchange, reported an unaudited net income of P8.2 billion for the year 2009.
Excluding capital gains, net income grew by 34 percent. The growth was driven by the strong performance of its major business units, even amidst a sluggish economic environment.
Ayala’s total equity share in the earnings of its business units rose by 18 percent to P9.2 billion.
Ayala Corporation President and Chief Operating Officer, Fernando Zobel de Ayala said, “our efforts the past few years to strengthen our balance sheet prepared us well for the economic downturn. Our healthy cash position and comfortable gearing kept fundamentals intact across the group.”
“This position of financial strength amidst a challenging environment kept our focus on strengthening each of our business units, enhancing our current portfolio, and seeking opportunities for future growth.”
In real estate, Ayala Land’s residential sales recovered beginning the second quarter with take-up rates improving through the fourth quarter.
Its leasing revenues from shopping centers and office/ business processing outsource (BPO) spaces grew by 20 percent with the expansion in gross leasable area and generally steady occupancy rates.
Ayala Land posted P4 billion in net income in 2009, 16 percent lower than prior year which included gains from a lot sale.