MANILA, Philippines – Earnings of property giant Ayala Land Inc. touched a record high in 2012 on robust residential sales and controlled expenses, the company said Wednesday, February 13.

In a disclosure to the Philippine Stock Exchange, Ayala said its net income rose 27% in 2012 to P9.04 billion from P7.14 billion in 2011.

Its revenues jumped 23% to P54.52 billion, with real estate accounting for bulk of the amount at P49.90 billion, up 21% year on year.

Ayala said its residential business remained strong, recording P30.88 billion in revenues during the year, 29% higher than 2011’s.

“This was driven by higher bookings, steady project launches and continuous progress on construction across all residential brands,” it said.

Margins of the company’s key business lines also improved with “strict control of project costs and direct operating expenses.”

It said the ratio of its general administrative expenses to revenues was steady at 8% over the last two years.

“With total revenue growth outpacing the growth of total expenses, net income margin before non-controlling interest improved to 19% in 2012 from 18% the previous year.” – Rappler.com