Ayala profits slump 50%



Ayala Corp., the country’s biggest and oldest conglomerate, said consolidated net income for 2008 slumped 50 percent from P16.2 billion to P8.1 billion.

Total revenues rose by half a percent from P78.77 billion to P79.11 billion.

The lower income resulted from the P2.4 billion drop in equity earnings from affiliates and the P5 billion drop in other income which represented earnings from sale of a building in 2007.

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