Ayala Corporation posts P6.1 billion consolidated net income in 1st half of 2012

Ayala Corporation's consolidated net income in the first half of the year (2012) reached P6.1 billion, 23% higher than in the same period last year. Core net income, however, was even higher at P6.3 billion or a 35% growth from a year ago. This excludes the impact of the accelerated depreciation of Globe Telecom as a result of its network modernization program and the revaluation gains realized at AG Holdings in the first half of last year. Higher profits were driven by the strong equity earnings from Ayala's core businesses. Substantially higher equity earnings from Ayala Land, Bank of the Philippine Islands, and Manila Water cushioned the slight decline in equity earnings from Globe Telecom, which was impacted by the accelerated depreciation from its network modernization program. Equity earnings of core and non-core businesses reached P7.7 billion in the first semester, 24% higher than the P6.2 billion achieved in the same period last year. - https://www.affordablecebu.com/