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Ayala Land posts 37% hike in H1 net profit

Vol. XXII, No. 10-A [ BusinessWorld Online ]
Saturday, August 9, 2008 | MANILA, PHILIPPINES

Listed Ayala Land, Inc.’s profit margins were under pressure due to rising consumer prices, but first-half performance was strong.

In an interview, Ayala Land Chief Financial Officer Jaime Ysmael said net profit in the first half went up by more than a third to P2.91 billion from a year earlier. Revenues went up by 32% to P15.38 billion.

In a statement, Ayala Land traced the growth to stronger operating revenue growth, improved equity earnings from affiliates, higher interest and effective cost controls.

Mr. Ysmael said they have had to increase the prices of residential products by 5% to 15% to offset increasing costs. He said the most affected by rising fuel prices among construction materials was steel, which has doubled in price since last year.

Cement was not as affected due to the long-term stocks of the company, he added.

He declined to give a forecast of the realy firm’s second-half performance. Analysts estimate its net profit to rise by 14% to P5 billion this year. — Don Gil K. Carreon

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