By Ben Otto
Philippine property developer Ayala Land Inc. reported 2019 net income rose 13% partly due to strong sales in office, commercial and industrial lots.
Ayala Land, a unit of Manila-based conglomerate Ayala Corp., posted net income of 33.2 billion Philippine pesos ($657.8 million) for the year, the company said in a stock-exchange filing Friday.
Revenue for the year was PHP168.8 billion, up about 2% on year, it said.
Ayala Land said that for the second consecutive year, it had surpassed its target of PHP100 billion in annual capital expenditure, reaching PHP109 billion. "We continue to serve new areas in the country and reach out to a broader market with more affordable products," President and Chief Executive Bernard Vincent Dy said.
Ayala Land earlier this week announced plans to raise up to PHP15 billion via an initial public offering of a real estate investment trust, which if successful would be the first such listing in the country.
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