Ayala Corp. Reports 51% Fall in Net Income for 2020

Ayala Corporation (AC) reported a 51% drop in net income from ₱35.3 billion in 2019 to ₱17.1 billion in 2020.

AC said in a statement “Ayala’s businesses recorded lower net profits due to the effects of the pandemic on business operations,”

AC reported that net income grew 69% to ₱5.8 billion quarter-on-quarter during the last quarter of 2020 with the easing of quarantine restrictions in the country.

Fernando Zobel de Ayala, Ayala president and chief operating officer, said “Our sequential growth in the fourth quarter reflects a recovery in consumer confidence that has started to show in the latter part of 2020,”

Fernando added, “We expect this trajectory to continue and lead to a full economic revival by 2022 as mobility further improves and as the country executes on the vaccination rollout as planned.”

Source: CNN Philippines