AYALA Land Inc. (ALI) reported net income of P2.51 billion in the first six months of the year, up 34 percent from the same period last year after the real estate firm made a record-high P1.32 billion in the second quarter.

Consolidated revenues for the first half rose 28 percent to P18.45 billion.

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Real estate and hotel revenues rose 29 percent to P17.45 billion, the firm told the Philippine Stock Exchange.

Leasing operations in shopping centers, offices and hotels also contributed to revenue growth.

But the Visayas-Mindanao group’s revenues fell 31 percent to P72 million in the first half after a lower percentage completion of projects such as Amara in Cebu, Alegria Hills in Cagayan de Oro and Plantazionne Verdana Homes in Negros Occidental despite higher bookings, the firm told the Philippine Stock Exchange.

ALI spent P7.5 billion for project and capital expenditures, of which19 percent went to landbank investments and the Visayas-Mindanao group. The P7.5 billion represents 28 percent of the planned capital expenditure for the year.

ALI said it will develop a shopping center on a six-hectare property in Fairview, Quezon City, signing a 30-year lease deal with Ellimac Prime Holdings Inc. of the Puregold and S&R Stores Group for this purpose. The project will break ground at the end of 2011.

ALI also plans to develop a 9.78-hectare residential project in Tianjin Eco-City, near Beijing, in China. It has signed an equity joint venture agreement with the Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd. for the development of a 19-tower residential complex with more than 1,100 units. Construction will begin this year. (PR)