Ayala exec: Trinoma to generate 'minimal' P100-M profit

Ayala Land Inc. is expecting the soon-to-be opened North Triangle Mall, called "Trinoma," to contribute some P100 million in income for the year. Jaime Ysmael, ALI chief finance officer, told reporters recently that Trinoma, which has a target date for opening next month, will "have a minimal contribution" in the net income of the property developer of Ayala Corp. "The mall will only have a number of months to operate within the year, so it is in 2008 and 2009 that we expect it to give a significant income contribution,"he said. Trinoma is seen to provide intense competition to SM City North Edsa, one of the highest revenue contributors among Sy-led SM Malls. Company officials earlier disclosed that ALI will be launching 27 residential projects all over the country within the year. This will be the biggest number of residential developments that the company has so far decided to undertake. "Of the 16.2 billion capital expenditures for the year, 55 percent would go to residential projects, 24 percent to shopping centers, 6 percent to corporate business and the balance to the strategic landbank management," Ysmael said. Jaime Ayala, ALI president, added that the company decided to launch these new projects to meet the growing demand for properties from the overseas Filipino workers, who accounted for half of the company's P5.2 billion sales in 2006. Ayala said these new projects would be located in Makati, Taguig, Laguna, Cavite, Pampanga, Bulacan, Antipolo, Manila, Bacolod, Iloilo, Cebu and Cagayan de Oro. -GMANews.TV