Thursday, August 12, 2004 Ayala net profit almost doubles
AYALA Corp. reported that its net income in the first half of the year surged 90 percent to P2.64 billion, from P1.39 billion in the same period last year.
In a disclosure to the stock exchange, the conglomerate said its robust performance was driven by Bank of the Philippine Islands’ 32 percent increase in net income to P3.5 billion and Globe Telecom’s 58 percent hike in profit to P6.9 billion.
The companies under AC Capital, its internal development division, also increased their net earnings contribution to Ayala 2.6 times to P1.06 billion. These are Manila Water Co. and Integrated Microelectronics Inc.
Consolidated net income of property arm, Ayala Land Inc., grew seven percent to P1.18 billion, with revenues rising 25 percent to P8.1 billion.
Rental revenues from retail operations were buoyed by the opening of Greenbelt 4 in the first quarter.
Same-store sales at Ayala Center alone grew nine percent year-on-year, with occupancy rates averaging 94 percent, it said.
Strong take-up in the high-end residential projects boosted residential unit and land sales 92 percent and 15 percent, respectively. Middle and mass housing saw a combined 45 percent growth in revenues.
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