MANILA, Nov. 13 (Xinhua) -- Philippine conglomerate Ayala Corporation posted a net income of 1.7 billion pesos (364 million U.S. dollars) in the third quarter of the year, up 13 percent on year, thanks to strong earnings from its core telecommunications, property and banking businesses, the company said Friday.

    In a disclosure submitted to the Philippine Stock Exchange, company officials said combined equity earnings from core business units, Ayala Land, Inc. (ALI), Bank of the Philippine Islands (BPI), and Globe Telecom (Globe) rose by 16 percent during the third quarter on back of strong growth in their respective net incomes.

    "Our core business units remained resilient despite the difficult operating environment," Ayala president and chief operating officer Fernando Zobel de Ayala said in a press statement.

    The strong performance in the third quarter, however, failed to offset the weakness in the first half. The economic slowdown slackened spending and reduced ALI's income in the first semester. This pushed earnings in the fist nine months of the year to contract by 26 percent to 5.8 billion pesos ( 124 million U.S. dollars). Excluding gains from share sales that propped up earnings last year, core net profits for the January to September period were up by 14 percent.

    BPI, the country's third largest commercial bank in terms of assets, posted a 38-percent rise in net income in the first nine months to 7.3 billion pesos (156 million U.S. dollars).

    Net income of Globe, the Philippine's second biggest telecommunications group, rose by 12 percent to 9.9 billion pesos (212 million U.S. dollars) in the January-September period. ALI's net earnings in the first nine months, however, were 24 percent lower at 2.9 billion pesos (62 million U.S. dollars).

    But Fernando is optimistic that, given the increased earnings in the third quarter, the company will continue to grow in the next few months.

    The diversified conglomerate is also venturing into other businesses which have strong growth potential. Ayala recently raised its stake in Manila Water Co. to 43.3 percent from 31.7 percent, as company officials see the growth potential of Manila Water which is expanding beyond its concession area.

    The conglomerate has also continued to invest in the fast growing business process outsourcing industry. Its contact center investment, eTelecare Global Solutions, has merged with U.S.-based Stream Global Services, Inc.. The merger created one of the world's biggest call center companies.