INQ7 MONEY - BREAKING NEWS
August 08, 2006
Updated 09:57:51 (Mla time)
Xinhua Financial News Service
AYALA Corp. shares rose in early trade after the Philippines' largest conglomerate reported that its first-half net profit nearly doubled from a year ago as earnings from its subsidiaries rose and debt financing expenses were trimmed.
Ayala Corp. was up 5.00 pesos or 1.18 percent at 430.
The company reported after the market closed on Monday that its January to June net income jumped to 7.3 billion pesos from 3.7 billion a year earlier. Equity in net earnings from subsidiaries and affiliates grew six percent to 6.4 billion pesos.
The conglomerate also said it reduced interest expense by nine percent from a year ago as its debts declined to 38.5 billion pesos at end-June from 44.9 billion at end-2005. Debt mix also improved as the company shifted more of its US dollar-denominated debts into peso loans.
Ayala Corp has interests in property, banking, telecommunications, water utility and electronics.
(One dollar = 51.39 pesos)
http://services.inq7.net/express/06/08/08/html_output/xmlhtml/20060808-14081-xml.html
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