Ayala Land says H1 net income up 16% at P9.74B 1 / 22
SOURCE:

http://www.msn.com/en-ph/money/topstories/ayala-land-says-h1-net-income-up-16percent-at-p974b/ar-BBvpLD5?li=BBr8Mkm

Ayala Land Inc. posted a net income of P9.74 billion in the first half of 2016, up 16 percent from P8.39 billion a year earlier.

Consolidated revenue stood at P54.76 billion, up by 8 percent from P50.61 billion.

The company’s core businesses such as property development, commercial leasing, and services, grew by 8 percent year-on-year at P51.45 billion.

This was propelled by the coordinated expansion of its large mixed-use estates in key growth areas nationwide, Ayala Land said in a disclosure to the Philippine Stock Exchange on Tuesday.

“Ayala Land continues to capitalize on the growth in the real estate sector. Our established estates drove our performance, alongside increasing contributions from similar mixed-use developments that we’ve launched over the last five years,” Bernard Vincent O. Dy, Ayala Land president and CEO, said in a statement.

“In the first half of 2016, we also introduced new residential products, opened new malls and offices, and broke ground on additional leasable assets in line with our objective of balancing our development and recurring income portfolio,” Dy added.

Property development, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots, generated revenue of P33.66 billion, up 6 percent from P31.85 billion.

Commercial leasing, which covers the operation of shopping centers, offices, and hotels and resorts, recorded total revenue of P12.76 billion, up 12 percent from P11.40 billion.

The company spent P43.35 billion for project and capital expenditures. — Ted Cordero/VDS, GMA News