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Ayala Corp. Q3 profit climbs 70.6% YOY

Ayala Corp. said its third-quarter normalized net income came to 7.30 Philippine pesos per share, compared with the S&P Capital IQ consensus estimate of 8.09 pesos per share.

EPS increased 64.4% year over year from 4.44 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.58 billion pesos, a gain of 70.6% from 2.69 billion pesos in the prior-year period.

The normalized profit margin increased to 9.0% from 6.2% in the year-earlier period.

Total revenue climbed 17.6% on an annual basis to 50.90 billion pesos from 43.30 billion pesos, and total operating expenses climbed 13.2% from the prior-year period to 34.48 billion pesos from 30.47 billion pesos.

Reported net income increased 69.4% on an annual basis to 6.98 billion pesos, or 11.13 pesos per share, from 4.12 billion pesos, or 6.82 pesos per share.

As of Nov. 13, US$1 was equivalent to 47.15 Philippine pesos.