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Ayala Corp. profit misses consensus by 32.3% in Q1

Ayala Corp. said its first-quarter normalized net income amounted to 6.71 Philippine pesos per share, compared with the S&P Capital IQ consensus estimate of 9.91 pesos per share.

EPS rose 17.3% year over year from 5.72 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.18 billion pesos, a gain of 17.4% from 3.56 billion pesos in the year-earlier period.

The normalized profit margin dropped to 6.6% from 6.7% in the year-earlier period.

Total revenue climbed 19.8% on an annual basis to 63.23 billion pesos from 52.80 billion pesos, and total operating expenses climbed 21.5% year over year to 45.55 billion pesos from 37.50 billion pesos.

Reported net income rose 21.2% on an annual basis to 6.54 billion pesos, or 10.50 pesos per share, from 5.40 billion pesos, or 8.68 pesos per share.

As of May 12, US$1 was equivalent to 49.71 Philippine pesos.