Ayala Group's Cebu property unit's income up 76%

Cebu Holdings Inc., the Ayala Group unit handling its properties in Cebu province, on Thursday said its 2006 unaudited net income surged 76 percent to P207 million, boosted largely by rental revenues. "This (2006) income was derived mainly from the recurring revenues from retail and office leasing operations, sales of residential lots, sales of commercial lots, condominium units and sports club shares," Cebu Holdings president Francisco Monera said in a letter to the Philippine Stock Exchange. Cebu Holdings also said its revenues for 2006 grew 51 percent to P1.04 billion. In 2005, Cebu Holdings had a net income of P117 million. Cebu Holdings owns and manages the Cebu Business Park, which houses the mall Ayala Center Cebu. The property firm said the sale of residential lots at its seaside subdivision Amara also contributed to the company's income. "2006 closed with only eight lots remaining in the inventory," Monera said. Monera said the firm is bullish for 2007 it enhancements to its mall progress this year. He noted Ayala Center Cebu's expansion is set to finish this quarter. Monera added that the company is set to expand the mall's lagoon area and add 8,000 square meters of leasable space. -Patricia De Leon, GMANews.TV