Ayala Land sets 2013 capex at P65.5B

Ayala Land Inc. (ALI) will allocate P65.5 billion this year for capital expenditures, to be spent largely on current developments and to launch new residential and leasing projects, the company said in its financial report to the Philippine Stock Exchange. The amount is slightly lower than the P71.29 billion the company spent on capex last year. ALI posted a 27-percent year-on-year rise in its net profit to a record P9.04 billion in 2012. Revenues grew P23 percent to P54.52 billion. The bulk of the revenues came from the residential segment, which registered a 29-percent increase in revenues to P30.88 billion. Sales take-up value amounted to P77.61 billion, or P6.47 billion per month on average—50 percent higher than the average monthly sales take-up in 2011 of P4.31 billion. Leasing operations revenues, including shopping centers and offices, grew 18 percent to P8.78 billion. The company's resorts and hotels brought in P2.45 billion in revenues, up 9 percent year-on-year, while the sale of 25 commercial lots in Nuvali drove commercial and industrial lots revenues up 81 percent to P2.31 billion. For 2013, ALI plans to roll out 69 projects worth a combined P129 billion, including a new Holiday Inn & Suites in Makati by the second quarter and Seda Hotels in Davao and Nuvali, Laguna. — BM, GMA News