Ayala Land raises 2016 capex to P85B

Property developer Ayala Land Inc. has increased its capital expenditure (capex) to P85.0 billion this year to support its planned developments, the company said on Friday.

"The company continues to adopt a positive view of the property market given the strong economic fundamentals of the country. This year, we will remain focused on introducing new projects that will address market demand and continue to work on achieving our growth targets in line with the objectives set in our 2020 plan," President and CEO Bernard Vincent Dy said.

The P85.0-billion capex compares with P82.2 billion in 2015.

The company also said its bottom line grew by 19 percent to P17.6 billion in 2015 from P14.8 billion in 2014, while consolidated revenues rose by 13 percent to P107.2 billion from P95.2 billion.

"The growth was attributed to the sustained performance of the company's property development and leasing businesses, and improved margins across its product lines," the company said.

Revenues from property development amounted to P67.9 billion, up 10 percent from P61.8 billion.

Revenues from the sale of residential lots posted a 12-percent increase to P58.4 billion from P52.3 billion, driven by the completion of the company's residential brands that included Ayala Land Premier, Alveo, Avida, Amaia, and BellaVita.

The company's commercial leasing business raked in P24.5 billion, up 16 percent from P21.2 billion.

"Our established and emerging estates provided the backbone for our sustained growth while we continue to introduce new estates that will further contribute to it in the coming years," he added. – Jon Viktor Cabuenas/VS, GMA News