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Wednesday, February 11, 2004
Ayala conglomerate net profit climbs 28% to P3.1B
By Cherry T. Lim
AYALA Corp. yesterday reported that its unaudited net income for 2003 rose 28 percent to P3.1 billion from P2.4 billion in 2002.
In a disclosure to the Philippine Stock Exchange, the conglomerate attributed its improved profitability to the strong performance of its subsidiaries and affiliates.
Ayala Land Inc.’s (ALI) net income rose eight percent to P2.7 billion driven by the growth in leasing operations, land sales and high-end residential unit sales.
The Bank of the Philippine Islands saw its income grow 10 percent to P5.7 billion.
Globe Telecom’s profit, on the other hand, surgaed 50 percent to P10.3 billion.
Ayala’s developmental division, AC Capital, also showed improved results.
The three main businesses under AC Capital, which are Manila Water, Integrated Microelectronics (IM) and Ayala Automotive, all had banner years, Ayala reported.
Manila Water and IM saw a more than doubling of their net incomes to P1.2 billion and P638 million, respectively.
Ayala Automotive’s profit climbed 25 percent to P316 million.
Ayala Corp. ended 2003 with P42.3 billion in consolidated net debt, up from P33.6 billion the year before after bond issues by Ayala and ALI and additional long-term bank loans by the two firms.
Consolidated debt-to-equity ratio was 1.12. Consolidated cash skyrocketed 58 percent to P17.9 billion at yearend.
Despite its increased debt, Ayala chief financial officer and treasurer Delfin Lazaro said the conglomerate was committed to “de-leveraging” its balance sheet in the medium term.
(February 11, 2004 issue)
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