Ayala Land Inc. posted a 12% year-over-year rise in first-half net income to 15.2 billion Philippine pesos.

The Filipino developer's total revenues for the period increased 4% year over year to 83.2 billion pesos from 80.4 billion pesos on the back of sustained growth in the company's property development business.

In the first half, real estate revenues amounted to 81.9 billion pesos, while sales reservations came to 72.3 billion pesos.

Property development revenues for the period came to 58.9 billion pesos, driven by growth in office property sales, which amounted to 10.1 billion pesos, as well as commercial and industrial lot sales, which rose 11% year over year to 4.3 billion pesos.

Capital expenditures for the first half amounted to 49.5 billion pesos. The company noted that it used the amount to sustain the continued expansion of its portfolio of residential and leasing properties.

As of Aug. 2, US$1 was equivalent to 51.61 Philippine pesos.