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Ayala Land profit growth slows in H1

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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