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Ayala Land adding more funds to subsidiary

Posted on August 23, 2013 07:29:58 PM [ BusinessWorld Online ]

LISTED PROPERTY developer Ayala Land, Inc. is pumping more money into a wholly owned subsidiary for land banking, the company said in a disclosure Friday. 
Ayala Land’s board, in a meeting on Thursday, approved "additional capitalization of wholly owned subsidiary Avida Land Corp. -- amounting to P1.1 billion -- to complete its funding requirement of P5.4 billion based on its… capital expenditure program," stated the disclosure. 
The company previously infused P2.3 billion and P2.0 billion fresh capital in Avida Land in May 2011 and May 2012, respectively, according to the disclosure. 
"Proceeds of this funding exercise will be utilized for various land acquisitions in key growth areas," Ayala Land said. 
On top of the capital infusion, Avida Land is also preparing for its P3-billion maiden bond issue targeted next month, Ayala Land Chief Financial Officer Jaime E. Ysmael told reporters early this month. 
Avida Land caters to the middle income market with product price range of P1.5-P5 million.
The same disclosure said the company’s board also approved a cash dividend declaration of P0.14 per outstanding common share. 
Ayala Land’s ended the first half with a net income of P6.62 billion, up 23.28% from P5.37 billion a year ago. Revenues rose 35.67% to P36.63 billion from P27.0 billion, while cost and expenses increased by 39.00% to P27.51 billion from P19.79 billion. 
Shares of Ayala Land dropped by 45 centavos or 1.61% to P27.45 apiece Friday from P27.90 the day prior. -- Cliff Harvey C. Venzon      
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