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Ayala Land Q2 growth mirrors prior quarter

Posted on July 12, 2013 07:14:10 PM [ BusinessWorld Online ]
LISTED PROPERTY developer Ayala Land, Inc.’s second quarter financial performance was "consistent" with growth posted during the January to March period, an official said late Thursday.
"It is still a good quarter. The numbers continue to be good consistent with the first quarter," Jaime E. Ysmael, the company’s chief financal officer, told reporters in Makati City when asked about indications on the company’s second quarter performance.
"Sales numbers continued to be strong, be it residential, commercial and office, so we expect the second quarter to continue to be a good quarter," Mr. Ysmael added.
Ayala Land’s net income grew by 20.83% to P3.19 billion in the first quarter from P2.64 billion in the same period last year as revenues climbed by 39.35% to P18.52 billion from P13.29 billion.
In the second quarter of last year, the company’s net income grew by 28.64% to P2.56 billion from P1.99 billion in the same period of 2011 as sales revenues jumped by 18.48% to P12.63 billion from P10.66 billion.
Meanwhile, projects rolled out in the first half were "less than 50%" of the 31,000 units targeted for offering this year due to "timing" concerns.
The company has earmarked P65.5 billion for capital expenditures this year -- P46 billion for project completion and roughly P20 billion for land banking -- to bankroll the construction of about 69 property projects valued collectively at P129 billion.
Shares of Ayala Land were up by 65 centavos or 2.20% to P30.25 apiece on Friday. -- Cliff Harvey C. Venzon  
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