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Metro Manila (CNN Philippines, March 11) Ayala Corporation has reported that its earnings plunged by over 50% in 2020 from the year before as the group s businesses took a hit from the impact of the debilitating health crisis.
In a disclosure to the Philippine Stock Exchange on Thursday, the conglomerate said its net income for 2020 shrank to ₱17.1 billion, a 51% nosedive from the ₱35.3 billion it posted in 2019.
“Ayala’s businesses recorded lower net profits due to the effects of the pandemic on business operations,” the filing read.
Ayala’s real estate arm was the worst hit among its businesses, with Ayala Land logging a 74% drop in net income at ₱8.7 billion.
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.