Published March 11, 2021, 5:32 PM
Ayala Corporation reported a 16 percent drop in core net income to P26 billion last year as the impact of mobility restrictions weighed down on its various business units.
In a disclosure to the Philippine Stock Exchange, the firm said core profit excludes the divestment gains from education and power booked in 2019, the impact of the reclassification of Manila Water as asset held under PFRS 5 for both 2019 and 2020, and significant loan loss provisions for Bank of the Philippine Islands.
Ayala recognized a remeasurement loss of P18.1 billion in December 2019 as a result of the reclassification of its investment in Manila Water as asset held under PFRS 5, the accounting standard for assets held for sale.