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Residential sector boosts Ayala Land income

[ Malaya.com.ph ] August 9, 2010

Listed Ayala Land, Inc. (Ayala Land) said that profit for the first half of the year reached P2.51 billion, 34 percent higher than the P1.87 billion recorded the previous year. The company benefited from sustained earnings growth momentum as the residential sector of the real estate industry begins to pick up.
Consolidated revenues for the first half reached P18.45 billion, 28 percent higher year-on-year, largely due to the strong growth in the residential and construction businesses.
The second quarter earnings posted a 10 percent increase at P1.32 billion from P1.20 billion, as the company rebound from the slump experienced for a little over a year starting 2008.
"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," said Antonino T. Aquino, Ayala Land president.
"We will continue to push forward with our growth strategy, building our presence in key growth centers around the country in order to further strengthen our market position and deliver on the goals we have committed to our investors," he added.
The company recently announced that it is increasing its target launch of residential units for the year to "close to 12,000" from the earlier announced 9,275 for the year.
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