Ayala group profit rose 11% to P19.6B in 9 months

Ayala Corp. (AC) posted an 11 percent increase in net income to 19.6 billion for the first nine months buoyed by the strong equity earnings from Ayala’s business units which amounted to 23.6 bil­lion, which was 10 percent higher than a year ago.

AC reported earnings from the Bank of the Philip­pine Islands and Ayala Land were 23 percent and 17 per­cent higher respectively. Aya­la Automotive nearly tripled during the period.

“As they execute on their individual 2020 strate­gies, our businesses contin­ue to perform well and within targets. As we develop new investments, we are happy to see our power business emerging to be a significant player in the space.

With 1,000 megawatts in attributable capacity, AC En­ergy is beginning to be a ma­jor contributor to the coun­try’s energy requirements.

Further, we expect it to be a meaningful part of Aya­la’s portfolio in the next five years,” Ayala President and Chief Operating Officer Fer­nando Zobel de Ayala said.

Ayala’s balance sheet remains at a comfortable lev­el. At the parent level, cash amounted to 33.1 billion while net debt stood at 53.4 billion as of September.

Net debt-to-equity ratio during the period was 0.49 at the parent level and 0.62 at the consolidated level.

Ayala’s loan-to-value ratio, the ratio of its parent net debt to the total value of its investments, stood at 8.5 percent as of September.