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Ayala Corp.'s H1 net income rises 7% YOY

Ayala Corp.'s net income rose about 7% year over year in the first half on the back of higher revenues.

Net income attributable to owners of the parent rose to 16.07 billion Philippine pesos, or 24.44 pesos per share, in the six months to June 30, compared with 15.06 billion pesos, or 22.82 pesos per share, in the same period a year ago.

Total revenues climbed to 148.71 billion pesos from 123.89 billion pesos a year ago.

Revenues at Ayala Land Inc. jumped 25% to 80.4 billion pesos while the group's banking unit, Bank of the Philippine Islands, saw revenues increase 5.3% to 37.22 billion pesos. Telecommunications unit Globe Telecom's services revenues were up 9% to 68.3 billion pesos.

In the second quarter, the Philippine conglomerate's net income rose 3% year over year to 8.4 billion pesos, driven by its real estate and power businesses.

As of Aug. 10, US$1 was equivalent to 53.18 Philippine pesos.