|
CEBU
Holdings Inc., a listed real-estate developer and
affiliate of property giant Ayala Land Inc., ended the
first half with a 36-percent rise in net profit to
P155.1 million from P114.3 million a year earlier.
The
income growth was a result of the 44-percent improvement
in its consolidated revenues to P692.1 million versus
P480.3 million in the same comparable period.
“The
significant growth in revenue was primarily due to the
sale of commercial lots, continuing improvement of Ayala
Center-Cebu’s performance, sale of remaining Amara Phase
2 lots and rental from e-office,” the company stated in
its disclosure to the stock exchange.
Ayala
Center Cebu contributed P201.7 million in revenues,
while net operating income was 3-percent higher versus
same period last year.
“The
ongoing rezoning program of the mall is an innovative
move to better address our shoppers’ needs and
preferences, and the exciting marketing activities
boosted sales by 6-percent compared to 2006,” the
disclosure added.
Meanwhile, e-Office rental brought in total revenues of
P26.9-million contributing a 3-percent rise from a year
earlier.
Amara, a
high-end seaside residential community, contributed
total sales of P77.2 million from the sale of eight
remaining Phase 2 lots amounting to P16.7 million and
from the previous year’s sale computed based on
percentage of completion.
As of
end June, Phase 1 was 94- percent complete, while the
second phase was 6-percent complete. |
