Ayala Land allots P70B for 2014 projects
MANILA, Philippines – After posting record earnings in 2013, property giant Ayala Land Inc. plans to aggressively expand this year using a P70-billion budget.
Ayala Land said it eyes to launch 78 projects this year that can earn for the company around P142 billion.
Last year, Ayala Land spent P66.26 billion for capital expenditures.
The company said it was ahead of its 5-year profit target by a year as it booked a net income of P11.74 billion in 2013, up 30% from P9.04 billion in 2012.
Its consolidated revenues reached P81.52 billion, 36% higher year-on-year.
Revenues from real estate still comprised bulk of the revenues, growing 40% to P76.34 billion. Ayala Land's property development, commercial leasing and services segments all performed strongly.
Property development, which includes the sale of residential lots and units, office spaces, as well as commercial and industrial lots, registered revenues of P51.96 billion in 2013, 51% higher than the P34.46 billion recorded in 2012.
Revenues from the residential segment reached P41.99 billion in 2013, 32% more than the P31.88 billion reported the previous year, largely due to solid takeup and steady project launches across all brands.
Ayala Land's 5 residential brands launched a total of 28,482 units worth P108 billion in 2013.
Revenues from the sale of commercial and industrial lots surged 256% to P8.8 billion, while revenues from commercial leasing amounted to P18 billion, up by an annual 21%.
Shopping centers contributed P10.48 billion to revenues, up 10%, thanks to an increase in the average lease rates and gross leasable area.
Hotels and resorts delivered P4.02 billion revenues, 64% more than 2012's. – Rappler.com