In 2011, Ayala began building its renewable energy portfolio, beginning with a joint venture with Mitsubishi for solar power, the purchase of the iconic Northwind farm for wind power, and its joint venture with Sta. Clara Power for run-of-the-river hydro power. Ayala will contribute 1000 MW to the Philippine power supply, by 2015. More than 90% of Ayala’s revenue currently comes from its four listed subsidiaries–Ayala Land Inc. (>> Ayala Land, Inc.), Globe Telecom Inc. (>> Globe Telecom, Inc.), Manila Water Co. (>> Manila Water Company Inc) and Bank of the Philippine Islands (>> Bank of the Philippine Islands). Mr. Francia said because investors have direct access to the shares of those four, it undervalues the parent. MANILA, Philippines – The country’s oldest conglomerate Ayala Corp. netted an P8.7 billion income in the first 9 months of 2012, reflecting a 19% increase from a year ago on the back of robust earnings of business units.
In a statement on Tuesday, November 13, Ayala said that, excluding the accelerated depreciation expenses of its telecommunication unit and the revaluation of its international property unit’s gains, the business group’s core net income reached P9.3 billion, a 31% growth. “As our core businesses remain a steady source of earnings and cash flow, we also continue to optimize our portfolio to maximize value and actively invest in new sectors such as power and transport infrastructure to build a platform for long-term growth,” he added. Ayala has spent about P4 billion for investments in new businesses, like power generation and transport, infrastructure as well as in other projects of its existing business units.