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Ayala Land logs 18% YOY jump in H1'17 net income

Ayala Land Inc.'s net income for the first half of 2017 recorded an 18% jump to 11.5 billion Philippine pesos from 9.7 billion pesos logged in the same period last year, thanks to its property development and leasing businesses.

The company recorded an 18% growth in consolidated revenues which reached 64.5 billion pesos during the period from 54.8 billion pesos in the previous first half. Revenues from real estate saw an 18% jump to 60.5 billion pesos.

Property sales came in at 61.4 billion pesos, up 11% from the 55.1 billion pesos reported in the year-ago period. Ayala Land, on average, made 10.2 billion pesos in monthly sales during the first half.

President and CEO Bernard Vincent Dy remained optimistic for growth in the second half of the year, based on Ayala Land's pipeline of launches slated before the end of 2017. The company is also in line to achieve its 2020 net income forecast of 40 billion pesos.

Ayala Land pooled in 41.6 billion into project and capital expenditures, as at June 30, and launched Evo City in Kawit, Cavite, along with an Ayala mall and its largest Seda hotel in Vertis North in Quezon City. It is on track to debut Azuela Cove in Davao and Parklinks along C5 road in the cities of Quezon and Pasig during the year.

In July, the company issued 2.75% short-dated notes due 2019 worth 4.3 billion pesos in the Philippines that will be distributed to qualified institutional buyers.

As of Aug. 4, US$1 was equivalent to 50.28 Philippine pesos.