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Declines dent Ayala net income

AYALA Corp, one of the Philippines' top conglomerates, said net income in the first quarter fell 18 percent from a year ago due to declines in its real estate and electronics businesses. The company said profit fell to 2.2 billion pesos (US$46 million).

Ayala's telecom and banking arms - Globe Telecom Inc and Bank of the Philippine Islands - posted double-digit growth, but Ayala Land Inc's earnings plunged 51 percent.

Ayala said sales of electronics manufacturing unit Integrated Microelectronics Inc contracted 26 percent, while interest expense and non-cash charges resulted in a combined net loss of 307 million pesos for its business process outsourcing companies.

"We are pleased to see some degree of resiliency in domestic demand despite the slowdown in the global economy," said president Fernando Zobel de Ayala.

The conglomerate also has interests in water distribution and mall operations.


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