Ayala Corp raises 2018 capex to P249 billion

ABS-CBN News

Posted at Mar 12 2018 03:17 PM

MANILA – Ayala Corp said Monday it increased capital expenditures this year by 44 percent to P249 billion.

The additional expenditures will help fund expansion in Ayala Land, Globe Telecom and Manila Water, Ayala Corp told the stock exchange.

The conglomerate said P58 billion will used to fund its subscription to Bank of the Philippine Island's stock rights offering, as well as investments by AC Energy, AC Industrials, AC Education, and AC Health, the statement said.

Ayala Corp said it posted net income of P30.3 billion in 2017, 16 percent higher from the previous year, fueled by robust growth in its real estate business.