November 14, 2025 | 12:00am
MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, saw its earnings spike from January to September due to one-off gains from the revaluation of AC Ventures, which holds Ayala’s direct stake in Mynt.
Ayala reported a net income of P46.3 billion during the nine-month period, 36 percent higher than the P33.96 billion recorded in the same period last year.
Ayala said that a re-measurement gain was booked because of Mitsubishi’s subscription to a 50-percent stake in AC Ventures, effectively acquiring an indirect ownership in Mynt.
Excluding one-off items, the company’s core net income for the nine-month period was steady year-on-year at P36.6 billion.
Core net income for the third quarter alone improved by four percent to P12.8 billion on the back of higher contributions from BPI and Ayala Land, supported further by the company’s portfolio businesses, specifically AC Health, AC Logistics, Integrated Microelectronics Inc. and iPeople.
“While GDP growth has slowed somewhat, our core businesses remain steady and our portfolio businesses continue to improve. Our recently announced initiatives in retail, Makro and Spinneys, signify continued confidence in the long-term growth trend of the Philippine economy,” Ayala CEO Cezar Consing said.
BPI’s profitability remained strong during the first three quarters, posting a net income of P50.5 billion, up by 5.2 percent from last year, driven by strong revenue growth.
Ayala Land’s net income inched up by one percent to P21.4 billion on the back of stable contribution of property development and an expanding leasing and hospitality portfolio, which offset a reduction in the services businesses.
Lower gross service revenue and higher depreciation and interest expenses, however, dragged down net income of Globe Telecom by 14 percent to P17.7 billion.
Globe’s core net income, which excludes non-recurring items such as accounting gains from the Mynt transaction, tower sale and leaseback as well as foreign exchange and mark-to-market charges, declined by 12 percent to P15.5 billion.
ACEN’s net income likewise fell by 78 percent to P1.8 billion after factoring in one-off items.
Its core net income dropped by 18 percent to P4.3 billion due to the impact of lower irradiance in the Philippines and Australia, damaged wind farms in Ilocos Norte, weaker local spot market prices and the onset of depreciation expenses from plants operationalized in 2024.