By P.R. Venkat
Ayala Corp.'s first-half net profit fell 79% from a year earlier, as the Covid-19 pandemic hurt operations across its business units ranging from industrials to finance.
Net profit declined to 7.94 billion pesos ($162.2 million), the Philippine conglomerate said Thursday.
Revenue fell 34% from a year earlier to PHP84.63 billion.
"While the health crisis has stifled the momentum of some of our businesses, we have started to see positive trends in the operations of BPI (Bank of the Philippine Islands), Globe Telecom, and Ayala Land since the easing of quarantine restrictions in June," Ayala President and Chief Operating Officer Fernando Zobel de Ayala said.
The conglomerate's net cash during the first half stood at PHP28.3 billion, while net debt was at PHP93.8 billion.
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