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Business

Developer's profit growth slows to 26%

MANILA -- Ayala Land's profit climbed 26% to 14.8 billion pesos ($334.35) last year, slower than the 30% increase registered in 2013 when the company's bottom line stood at 11.7 billion pesos.

     The slower earnings increase reflected consolidated revenues which went up 17% to 95.2 billion pesos in 2014 after 36% growth the year before.

     Ayala Land's sales of residential, office, commercial and industrial units form the bulk of the company's business and improved 21% to 65.9 billion pesos last year, well short of the the 51% jump in 2013.

     Leasing revenues from shopping centers, offices, hotels and resorts rose 18% to 21.2 billion pesos last year.

     Ayala Land plans to ramp up property development to sustain net income growth with a target of 40 billion pesos for 2020.

     This year, the company is investing a record 100 billion pesos building residential units, malls, offices and hotels, showing confidence in an industry often afflicted by fears of a bubble due to frothy prices and slowing sales in some segments.

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