endIndex:
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.
Fiber internet service provider Converge ICT Solutions Inc. saw a high double-digit growth in its bottomline in 2020, despite the COVID-19 pandemic, on the back of the company’s subscriber base expansion.
PSBank nets lower net income in 2020 due to loan loss buffering By TED CORDERO, GMA News
Published March 5, 2021 6:24pm Philippine Savings Bank (PSBank) took a hit in 2020 as it booked lower year-on-year net earnings as it hiked buffers for potential loan losses amid the COVID-19 pandemic. In a disclosure to the Philippine Stock Exchange on Friday, PSBank said it ended 2020 with a net income of P1.108 billion, 63% lower than the P3.03-billon profits in 2019. The lower bottomline came after the bank set aside additional loan loss provisions of P6.40 billion in view of the ongoing pandemic conditions. Excluding provisions, PSBank’s operating income surged by 31% to P7.45 billion in 2020.
The Anti-Red Tape Authority’s order of automatic approval on the telco’s request for frequency assignment with the National Telecommunications Commission also directs the regulator to comply with it.
Sy family’s conglomerate SM Investments Corp. (SMIC) saw a high double-digit decline in its earnings in 2020 amid a challenging business environment due to the COVID-19 pandemic.