PROFITABLE. Philippine business giant Ayala Corp. announced a 19% rise in net profit for the first 9 months of 2012, citing strong performance of business units. Photo from AFP

MANILA, Philippines - The country's oldest conglomerate Ayala Corp. netted an P8.7 billion income in the first 9 months of 2012, reflecting a 19% increase from a year ago on the back of robust earnings of business units.

In a statement on Tuesday, November 13, Ayala said that, excluding the accelerated depreciation expenses of its telecommunication unit and the revaluation of its international property unit's gains, the business group's core net income reached P9.3 billion, a 31% growth.

Equity earnings from property, banking and water businesses reached P11.1 billion, a 21% increase. These offset the decline in the equity earnings of its telecom business.

Among the congolomerate’s key subsidiaries include Ayala Land Inc., Bank of the Philippine Islands, Globe Telecom, and Manila Water Co. Inc.

“We are pleased with the earnings performance of each of our core businesses and the continued improvement in profitability of our international units. Their combined performance to-date keeps us on track with our year-end targets,” Ayala Corp chairman and chief executive officer Jaime Augusto Zobel de Ayala said.

“As our core businesses remain a steady source of earnings and cash flow, we also continue to optimize our portfolio to maximize value and actively invest in new sectors such as power and transport infrastructure to build a platform for long-term growth,” he added.

Ayala has spent about P4 billion for investments in new businesses, like power generation and transport, infrastructure as well as in other projects of its existing business units. - Rappler.com