Ayala Corporation reported on Thursday, August 12, a 31% growth in its net income to P10.4 billion during the first half of 2021, noting some recovery from the impact of the coronavirus pandemic.

The latest figure is still far from the P37.8 billion during the first half of 2019, or before the pandemic, when it reported solid gains from its subsidiaries.

Ayala, however, noted that the growth in January to June 2021 was seen despite a period of stricter COVID-19 restrictions.

Ayala’s core net income, which isolates the effects of various provisions and the impact of the Corporate Recovery and Tax Incentives for Enterprises law, as well as divestment gains booked in 2019, decreased by 8% to P13.3 billion in the first half of 2021. This is already 90% of the core income registered in the same period in 2019.

On a top-line basis, Ayala’s revenues grew 24% to P122 billion in the first half of 2021, as Ayala Land, Globe Telecom, and AC Industrials posted improvement even with the challenging business climate.

“Our first semester results show recovery in the business environment compared to last year. However, increasing infections from the Delta variant present new challenges,” Ayala president and chief executive officer Fernando Zobel de Ayala said.

“As a business group operating in diversified industries, we will continue to do our part in helping revitalize the economy through continued investments and supporting the country’s pandemic response and vaccination program,” Zobel added.

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Here is a rundown of the earnings of Ayala’s businesses during the first semester:

Ayala Land

• Net income: P6 billion (34%)
• Revenues: P49 billion (19%)

Bank of the Philippine Islands

• Net income: P11.8 billion (1%)
• Revenues: P48.1 billion (-7%)

Globe Telecom

• Net income: P13 billion (13%)
• Revenues: P75.5 billion (4%)

AC Energy

• Net income: P2.7 billion (5%)
• Revenues: P13.4 billion (35%)

AC Industrials

• Net loss: P1.8 billion
• Revenues: P40.7 billion (32%)

– Rappler.com