Ayala Corp. income reaches P56B in H1LISTED Ayala Corp.’s consolidated net income more than doubled to P56.14 billion in the first half of 2019 from P27.64 billion in the same period last year on the back of the robust performance of its major businesses. In a statement on Tuesday, Ayala President and Chief Operating Officer Fernando Zobel de Ayala said the “first-half results reflect the strength of our core holdings in real estate, banking and telecommunications.” The conglomerate’s property arm, Ayala Land Inc., saw its net income grow by 12 percent to P15.2 billion on increased revenues from commercial leasing and sales of offices, commercial and industrial lots.Revenues of its commercial leasing segment rose by 16 percent to P18.6 billion, driven by newly opened malls, offices and hotels. As of end-June, Ayala Land’s mall gross leasable area stood at 1.9 million square meters, of which 719,000 square meters are under construction.The real estate firm’s office-space gross leasable area stood at P1.1 million square meters, with less than half of this figure under construction. Bank of the Philippine Islands’ (BPI) net income grew by 25 percent to P13.7 billion in January to June on the back of revenues that grew by… Read full this story
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