Ayala Land profit up 27% on strong home sales

By Erik dela Cruz, Reuters

Posted at Nov 07 2012 02:24 PM | Updated as of Nov 07 2012 11:02 PM

MANILA, Philippines - The Philippines' largest property developer Ayala Land Inc. posted a 27% rise in nine-month profit as a robust economy drove home purchases. 

Ayala Land, owned by conglomerate Ayala Corp., said on Tuesday its net profit in January to September rose to P6.6 billion ($161 million) from P5.2 billion a year earlier. 

The builder of residential towers and enclaves, office buildings, and hotels, and operator of shopping malls and resorts, said consolidated revenue grew 20% from a year earlier to P32.63 billion.