By Ben Otto
Ayala Corp. (AC.PH) nearly doubled its net profit for the first nine months of the year due to higher contributions from its banking, telecommunications and property businesses.
Net profit was 46.16 billion pesos ($908.3 million), compared with PHP23.86 billion a year ago, the Philippine conglomerate said Tuesday.
Revenue in the period rose 4.2% to PHP232.88 billion from a year earlier. Ayala said strength in multiple business units offset weakness in its industrials division caused by "one of the sharpest and most widespread downturns in global manufacturing."
"We are pleased to see sustained growth in most of our core businesses continuing to provide stability in our earnings," Fernando Zobel de Ayala, Ayala's president and chief operating officer, said in a statement.
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