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Ayala quarterly earnings top estimates

Ayala Corp. posted better-than-expected earnings in the first quarter, with the Philippine conglomerate's real estate and power businesses driving growth.

Net income attributable to owners of the parent rose about 10% year over year to 7.66 billion Philippine pesos in the three months to March from 6.93 billion pesos in the year-ago period.

Diluted EPS came in at 11.63 pesos compared with 10.50 pesos a year earlier. The S&P Capital IQ consensus estimate was 11.40 pesos in normalized terms.

Net income at Ayala Land Inc. increased 17% to 6.52 billion pesos, on the solid performance of its residential and commercial leasing segments.

AC Energy, the group's power unit, nearly doubled its net profit to 593 million pesos, helped by strong contributions from its Indonesia investment and thermal and renewable platforms.

The group's overall revenue jumped to 70.29 billion pesos from 60.04 billion pesos a year ago.

As of May 10, US$1 was equivalent to 52.03 Philippine pesos.