BY ANGPING & ASSOCIATES SECURITIES
Ayala Corporation (AC) net income soared 46.0% to PHP 18.6 billion fueled by a net gain from the sale of its business process outsourcing asset and the solid earnings growth of most of its business units.
For 2014, AC said the robust earnings performance was a result of the strong equity earnings contribution from its business units which reached PHP 24.9 billion.
Equity earnings from property unit Ayala Land Inc. rose 28.0% year-on-year while contributions of Globe Telecom Inc. more than doubled and that of Integrated Micro-Electronics Inc. expanded three-fold.
In addition, AC said the PHP 1.8 billion net divestment gain from Stream Global Services Inc. boosted equity earnings during the year.
The Ayala Group has earmarked PHP 185.0 billion in combined capital expenditures this year mainly to support the massive expansion plans of its real estate and telecom units.
The company expects to hit the PHP 20.0 billion mark by 2016.