Ayala Land profits grow by 34 percent in first half



MANILA, Philippines (Xinhua) – Profits of Philippines’ biggest property developer Ayala Land, Inc. grew by 34 percent in the first half due to the strong sales of its residential developments.

Ayala Land, Inc. (ALI), the real-estate subsidiary of conglomerate Ayala Corp., reported yesterday that net income reached 2.51 billion pesos (55.56 million US dollars) from January to June.

“Our positive results in the first half of the year reflect the growth achieved across our businesses. The fundamental drivers of the property market as a whole are supportive of our expansion plans and so far I believe that our business units have been executing very well,” ALI president and CEO Antonino T. Aquino said.

“We expect demand in the residential sector to remain strong, thus we have increased our full-year target in 2010 to nearly 12, 000 units,” Aquino said.