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Real estate sales, cost control boost Ayala Land's net income


Growth in its core business and cost controls pushed the net income of property giant Ayala Land Inc. to improve by more than a third in the year's first half. In a report posted at the Philippine Stock Exchange website on Wednesday, Ayala Land said its earnings in January to June climbed 35 percent to P3.38 billion as consolidated revenue rose 15 percent to P21.25 billion. "Revenues from real estate and hotels, which comprised bulk of consolidated revenues, increased by 15 percent to P19.99 billion with growth largely driven by the strong performance of the property development and commercial leasing business," the developer said. Meanwhile, expenses for the first half jumped 10 percent to P16.22 billion. Cost of sales from real estate and hotel accounted for the bulk of expenses, rising 9 percent to P13.33 billion. For the year's first semester, Ayala Land spent a total of P12.48 billion for project and capital expenditures, 67-percent higher than the P7.47 billion spent during the same period in 2010, the company said. -- CMA/OMG, GMA News

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