MANILA, Philippines - Ayala Land Inc., the country's largest property developer, said its profits hit a record P9.04 billion in 2012, as property sales were lifted by the strong economy.
This comes as Ayala Land said its profits hit a record P9.04 billion in 2012, as its property sales were boosted by the strong Philippine economy.
Ayala Land seeks to sustain its strong sales this year by launching new projects. The company is setting aside P65.5 billion in capital expenditures for 2013, which is lower than last year's record high P71.29 billion. Most of the capex will go to the completion of ongoing projects and for new residential and leasing projects.
The property developer said it will launch 69 projects this year with a total estimated value of around P129 billion.
In 2012, Ayala Land said consolidated revenues went up 23% to P54.52 billion. The bulk came from real estate revenues, which jumped 21% to P49.9 billion "primarily driven by the robust performance of the property development business."
Property development, which includes the sale of residential units, commercial and industrial lots, posted a 31% increase in revenues to P33.19 billion. This was attributed to higher bookings and steady project launches across its brands Ayala Land Premier, Alveo, Avida and Amaia.
In 2012, sales take-up value reached P77.61 billion, which translates to an average monthly take-up of P6.47 billion, 50% higher than the previous year's average. Last year, the company's brands launched a total of 23,487 units.
This year, the company said it will launch around 31,000 units across the different residential brands.
Meanwhile, Ayala Land said its commercial leasing operations, which includes shopping center and offices, posted 18% higher revenues of P8.78 billion.
Its hotel and resorts business also reported a 9% increase in revenues to P2.45 billion in 2012. This was attributed to a 4% improvement in revenues per available room for the hotels, and 30% improvement in its El Nido chain of resorts.
Ayala Land is set to open a new Holiday Inn & Suites hotel in Makati by the second quarter of 2013, and two more Seda hotels in Davao and Nuvali before the end of the year.