Ayala Corp. announced on May 13 that its first-quarter 2008 net income fell by more than half from 2007 due to the absence of capital gains as well as lower earnings from its banking and business process outsourcing (BPO) business ventures. In a statement, the conglomerate said its profit for the quarter dropped 53 percent to P2.6 billion from 2007. Companies beloging to the conglomerate include Ayala Land Inc., Bank of the Philippine Islands, Globe Telecom Inc., Integrated Microelectronics Inc., Manila Water Co. Inc., Integreon, Affinity Express and eTelecare.
in Manila Times by Likha C. Cuevas-Miel
May 14, 2008
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