Conglomerates DMCI Holdings Inc., Ayala Corp. and GT Capital Holdings Inc. registered strong profits in the first half of the year on bigger contributions from core businesses.
Ayala Corp. in a disclosure to the stock exchange said first-half net income rose nine percent to ₱15.1 billion year-on-year, primarily driven by the solid contributions of its real estate and power generation businesses.
DMCI Holdings said net income in the first half of the year grew 21 percent to P7.6 billion from P6.3 billion recorded in the same period a year ago..
DMCI president Isidro Consunji said the growth was driven by the improved earnings contributions of coal mining, which posted a 24-percent increase in net income because of higher prices and real estate, which registered a 78-percent hike in first half net income on strong sales.
GT Capital Holdings Inc., meanwhile, posted a core net income of P7.4 billion in the first half of 2017, up 19 percent from P6.2 billion in the same period last year.
First-half consolidated revenues rose 18 percent to P108.2 billion from P91.5 billion in 2016.
“GT Capital’s first-half 2017 financial results are in line with expectations due to the healthy contributions from our core businesses. The sustained strength of the domestic economy for the first six months of 2017 reinforced our company’s solid performance,” GT Capital president Carmelo Maria Luza Bautista said.