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Business

Ayala Land, SM Prime 9-month profits propped up by malls, offices

An SM Prime shopping mall in Manila

MANILA -- Profits at the Philippines' largest real estate firms -- Ayala Land and SM Prime Holdings -- jumped in the nine months ending September compared with the same period last year, boosted by shopping center and office leasing.

Ayala Land, the country's biggest real estate company by sales, on Monday said net income over the period rose 17% to 15.06 billion pesos ($309 million). Consolidated revenues rose 14% to 85.49 billion pesos. Local brokerage RCBC Securities said the results were in line with its expectations.

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