Ayala Land, Megaworld post higher H1 profits

MANILA, Philippines – The country’s largest property companies on Monday, August 11, reported higher first-half earnings, thanks to their strong residential and commercial businesses.

Ayala Land Inc.’s net income for the first 6 months grew 25% to P7.1 billion from P5.6 billion a year ago, while Megaworld Corporation’s surged 289% to P16.44 billion from P4.23 billion.

Ayala Land of the Zobel family said it booked significant contributions from all its business units, including property development, commercial leasing, and hotels and resorts.

Megworld of tycoon Andrew Tan, for its part, said P11.62 billion in extraordinary gains from the purchase and sale of subsidiaries helped shore up its bottom line.

Ayala Land said its total revenues reached P46.2 billion, up 26% year-on-year. The residential business accounted for bulk of the revenues, at P24.3 billion, up 40%, while shopping center, office and hotel operations contributed P10.4 billion, up 22%.

Revenues of Megaworld and subsidiaries Globe Estate Resorts, Empire East Land Holdings and Suntrust Properties amounted to P31.96 billion, up 85% from 2013. – Rappler.com