Encouraged by stable 2009 results, the holding company for the main businesses of the Ayala Group plans to accelerate spending this year possibly into new sectors, a top official said.

In a statement, Ayala Corp. said its net income was flat at P8.2 billion on the back of positive earnings of core business units in telecommunications, real estate, banking, electronics manufacturing and business process outsourcing (BPO). The growth came despite the sluggish economy last year, the company said.

“We are pleased with the strong performance and resilience of our core businesses and are confident that we are well-positioned to capture opportunities as the economic cycle turns,” said Ayala chairman and chief executive officer Jaime Augusto Zobel de Ayala.

“We are significantly increasing group capital expenditure this year, reinvesting in our existing businesses as well as exploring investments in new sectors where we can lay a platform for a higher growth trajectory,” he added without providing details. Read more...

By Miguel R. Camus (businessmirror.com.ph)