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Ayala Corp profit rises 10% in first quarter

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Ayala Corp. (AC)’s real estate and power units boosted its earnings for the first quarter of 2018, with net income attributable to the parent up 10% year-on-year.

In a statement issued Friday, the listed conglomerate reported an attributable profit of P7.7 billion for the January to March period, higher than the P6.93 billion posted at the same time a year earlier.

AC generated P70.29 billion worth of revenues, a 17% improvement from the same period a year ago.

“The sustained growth momentum in our portfolio reflects the progress we have made in our long-term diversification strategy to establish new pillars of growth and expand into new markets,” AC President and Chief Operating Officer Fernando Zobel de Ayala said in a statement.

AC has core interests in property development, banking, telecom, water, power, and manufacturing and automotives. — Arra B. Francia