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Thursday, May 13, 1999
 
AC ( 05/13/1999 : STAR )
Ayala Corp. reported a consolidated net income of P1.88 B for the first quarter of 1999, slightly higher than the P1.86 B Q1 performance last year excluding the net effect of the extraordinary gains booked in the Q1 of 1998. The company's operating performance for the Q1 of 1999 was underpinned by the stronger performance of its food and telecommunications businesses. The strategic initiatives undertaken to enhance their competitiveness have started to generate positive results that augur well for Ayala's momentum of growth. Globe Telecom Inc. posted a net income of P221 M. Globe's subscriber base to date has exceeded 500,000 and this growth was achieved while maintaining a strong hold on the high-end market. Ayala's food subsidiary, Pure Foods Corp., posted a consolidated net income of P385 M as a result of stronger revenues from increasing sales volume in meats, flour and poultry products. Lower financial charges contributed to rise in their net income but the strength of the company's regular operations enabled company to preserve its leading position in food business. In the real estate sector, Ayala Land Inc. posted a consolidated net income of P650 M for the period, 19% lower compared to the previous year's level. Land sales and rental income from commercial centers and office leasing operations contributed significantly to Ayala Land's consolidated operating revenues which amounted to P2.191 B. In banking, Bank of the Philippine Islands registered a net income of P1.03 B. The bank continued to successfully balance its operating performance with the need to preserve superior credit standards. Consistent with its policy on loan loss reserves, BPI booked P171 M, further improving reserve cover on non-performing loans to 76%. The bank's NPLs remained in check at 6.2% as of the end of the Q1, still the lowest in the industry.

- posted by StockMarket @ 3:13 PM

 
AC ( 05/13/1999 : PSE )
Revenues 8,523,432
Cost and expenses 6,260,855
Income before minority
interest 2,262,577
Minority interest 378,556
Net income 1,884,021
- posted by StockMarket @ 3:13 PM


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