Posted on August 03, 2012 08:15:47 PM
[ BusinessWorld Online ]
PROPERTY FIRM Ayala Land, Inc. posted
on Friday a 28% rise in net income for the first semester over yearago levels
as all of the company’s business lines reportedly enjoyed double-digit growth.
The real estate arm of the Ayala group
saw its January to June net income attributable to equity holders rise to P4.33
billion from P3.38 billion recorded in the same period last year, a financial
statement showed.
This, however, is slower than the 35%
growth the company booked in the first half last year.
“We continued to post solid results in
the first half of 2012 as we sustained our high growth trajectory. Across the
board, we have been consistent in growing revenues and improving margins,” said
Jaime E. Ysmael, Ayala Land chief finance officer, in a statement.
Consolidated revenues in the first
half rose by 18% to P25.02 billion from last year’s P21.25 billion, with a bulk
derived from the company’s real estate and hotels businesses.
Costs and expenses increased by 13.50%
to P18.41 billion versus P16.22 billion a yearago. The company added that it
had spend P18.75 billion for project and capital expenditures in the first six
months, up 50% from yearago levels. The amount mostly went to housing
developments and land banking and represents roughly half of the programmed
spending for 2012.
“Revenue growth continued to outpace
expenses with continued control of project spending and direct operating
expenses,” its financial statement read, noting that the ratio of expenses to
revenues fell slightly to 8% from 8.2% last year.
For the second quarter alone, Ayala
Land recorded a 24.43% rise in profits to P2.19 billion over the same period
last year. Revenues in the period climbed by 18.48% to P12.63 billion, while
costs and expenses grew by 14.32% to P9.26 billion.
Shares of Ayala Land rose sharply by
2.05% to P22.40 on Friday. -- FJGDLF
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