MANILA, Philippines - Property giant Ayala Land Inc. said its first-half net income rose 35% to P3.38 billion, mainly on higher real estate sales and hotel revenue.
Ayala Land reported in a statement that its consolidated revenues increased 15% to P21.25 billion, and bulk of these were accounted for by property sales and hotel revenue, which jumped 15% to P19.99 billion.
Revenues from the sale of lots and residential units jumped 27% to P12.34 billion, while revenues from leasing of shopping centers and office spaces grew 17% to P2.98 billion.
Ayala Land said its hotel and resorts business recorded a 25% increase in revenues to P1.10 billion.
“We are pleased by the continued robust performance of our major business lines in the first half of the year, with revenue growth kept at the double-digit level,” said Ayala Land President Antonino Aquino.