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Ayala Corp. Q1 profit falls YOY

Ayala Corp. said its normalized net income for the first quarter came to 4.93 Philippine pesos per share, a decline of 11.0% from 5.54 pesos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.07 billion pesos, a decline of 8.1% from 3.34 billion pesos in the prior-year period.

The normalized profit margin fell to 6.4% from 7.6% in the year-earlier period.

Total revenue increased 8.5% on an annual basis to 47.84 billion pesos from 44.09 billion pesos, and total operating expenses rose 9.9% year over year to 33.81 billion pesos from 30.76 billion pesos.

Reported net income declined 12.5% year over year to 4.67 billion pesos, or 7.51 pesos per share, from 5.34 billion pesos, or 8.86 pesos per share.

As of May 14, US$1 was equivalent to 44.48 Philippine pesos.