Despite a flat bottom line in the second quarter and single-digit earnings in the first half, Ayala Corp. (AC) remains optimistic about hitting its medium-term profit goal in the next five years.
The conglomerate is on track to meet its P50-billion annual net income growth by 2020, AC chief finance officer Jose Teodoro Limcaoco told reporters in a press briefing in Makati City on Friday.
“We are on track but that’s for 2020 – of our P50-billion target … In terms of percent, from 9 to next figures – so that’s double-digit,” Limcaoco said.
AC needs a compounded annual growth rate of 15 percent to meet the P50-billion target.
“Of course, we are very optimistic about the future and prospects for the second half,” Limcaoco noted.
In the second quarter, the company saw its profit grew by a relatively flat 2 percent to P8.1 billion.
During the first half of the year, AC posted a net income of P15.1 billion, up 9 percent from P13.77 billion.
“We look at it as business as usual … It’s still a healthy result,” Limcaoco said.
“For the full year, we expect to be in roughly about the mid-teens for the growth,” he added. — VDS, GMA News