EARNINGS. Fernando Zobel de Ayala. Photo from Ayala Corporation
MANILA, Philippines – Ayala Corporation, one of the country's largest and oldest conglomerates, posted lower profits in the 1st quarter of 2020 due to theIn a disclosure to the Philippine Stock Exchange on Wednesday, May 13, Ayala reported a net income of P6.7 billion during the 1st quarter, 17% lower than in the same period last year, dragged down by its property, banking, and industrial businesses.
Overall profits were lifted by Globe and AC Energy, which reported steady figures on the back of skeleton staffing. "This unprecedented health crisis has resulted in a radical transformation of societies, economies, and businesses, including the Ayala group. At the onset of the crisis, the Ayala group has prioritized the welfare of our workforce and our many stakeholders across our ecosystem," Ayala president and chief operating officer Fernando Zobel de Ayala said. (READ: