Listed Ayala Corp. reported on Thursday that its attributable net income plunged to P7.9 billion in the first half of 2020 on the impact of the coronavirus disease 2019 pandemic on its businesses. Ayala Land Inc. saw its net income sink by 70 percent to P4.5 billion in the first semester on fewer project bookings, hampered building activities, limited mall operations and resort closures. Globe Telecom Inc.’s net income also slipped by 5 percent to P11.5 billion on account of the higher depreciation of its continued investments in its network. AC Industrial Technology Holdings Inc. incurred a P1.8-billion net loss in the period, as its main businesses were largely affected by the pandemic. Integrated Micro-Electronics Inc. posted a net loss of $21.5 million after its revenues dropped by 25 percent, attributed to its plant shutdowns in various regions.

Source: Manila Times August 13, 2020 16:52 UTC