Ayala Land net income rises 19% in Q1 2015

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(CNN Philippines) — Ayala Land Inc., the real estate subsidiary of Philippine conglomerate Ayala Corp., saw its net income rise 19% to P4.1 billion in the first three months of 2015 compared to the P3.5 billion in the same period last year.

The company also posted consolidated revenues of P25.1 billion from its property development and commercial leasing operations nationwide.

“Our first quarter results provide a good takeoff point towards the achievement of our targets for the year.  We continue to introduce new estates and products in various geographies that will allow for sustained growth in 2015,” said Ayala Land President and CEO Bernard Vincent Dy in a statement.

The company launched two new estates in the first quarter of the year — Cloverleaf in Balintawak, Quezon City and Capitol Central in Bacolod City. It currently operates 45 "growth centers" around the Philippines.

“We remain focused on our strategy of developing large-scale integrated mixed-use estates.  By doing so, we hope to ensure our growth and help enhance the local economies where our estates are located, particularly in generating livelihood and employment opportunities,” Dy added.

The first three months of the year saw the company spending P18.6 billion for project and capital expenditures, representing 19% of the full-year P100.3 billion target for 2015.