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Ayala Land's FY'19 net income rises 13% YOY

Ayala Land Inc.'s net income for full year 2019 rose 13% on an annual basis to 33.2 billion Philippine pesos.

The diversified real estate company reported total revenues at 168.8 billion pesos, up 2% year over year, thanks to office and commercial and industrial lots sales, as well as higher contributions from new leasing formats.

Revenue from property development came to 117.6 billion pesos during the period. Sales reservations amounted to 145.9 billion pesos, 3% higher than 2018.

Commercial leasing revenues grew 13% to 39.3 billion pesos due to newly opened malls, offices and hotels.

In the reporting year, the company's capital expenditures amounted to 109 billion pesos, equivalent to 64% of gross revenues.

Shopping center revenues grew 11% to 22 billion pesos, while office revenues rose 12% to 9.7 billion pesos. Revenues from hotels and resorts increased 19% to 7.6 billion pesos.

As of Feb. 13, US$1 was equivalent to 50.48 Philippine pesos.